Analysts adjusting their ratings or price targets can have a significant impact on a stock, even if the upgrade or downgrade is only a nudge. Cowen issued upgrades for a few companies in the fertilizer and potash industries. What is important here is that most of these stocks only have a somewhat neutral rating now, but the fact that all their Sell ratings were wiped out definitely is generating some confidence in the field.
24/7 Wall St. has included Cowen’s calls on each company as well as a recent trading history and consensus analyst price target.
Agrium Inc. (NYSE: AGU) fared the best out of the group. The stock was upgraded to Outperform from Market Perform. Its shares were trading up 3.9% at $109.26 on Tuesday, with a consensus analyst price target of $102.39 and a 52-week trading range of $79.94 to $109.73.
The upgrade of CF Industries Holdings Inc. (NYSE: CF) was to Market Perform from Underperform, along with a price target of $31. The stock had previously closed at $35.25. Shares were last seen up 3.8% at $36.61. The consensus price target is $30.07, and the 52-week range is $20.77 to $37.72.
Cowen lifted Mosaic Co. (NYSE: MOS) to Market Perform from Underperform. The $29 price target compare with a $31.55 prior close. Just a day earlier, Fitch downgraded Mosaic’s credit rating down to BBB- from BBB. Mosaic shares were up 5.0% at $33.13, in a 52-week range of $22.02 to $32.50. The consensus price target is $26.96.
The rating of Potash Corp. of Saskatchewan Inc. (NYSE: POT) was raised to Market Perform from Underperform. Its shares were last seen up 4.4% at $19.73. The 52-week range is $14.75 to $19.88, and the consensus price target is $17.64.