Morgan Stanley announced on Monday that it has resumed coverage on Potash Corp (POT
Morgan Stanley analyst Vincent Andrews stated that the company has assigned the fertilizer stock an “Equal Weight” rating, warning “We remain cautious on the overall potash market, though more because of loose supply/demand fundamentals than because of dynamics in Russia/Belorussia. Potash prices have been moving lower for 8 quarters in a row now (7 of which BPC was fully functioning) and prices were continuing to drift lower in the weeks preceding the BPC break-up (recall Mosaic’s disclosure about lower prices in the Brazilian market on its July 16th earnings call.”
Potash shares popped 1.55% during Monday’s session. Year-to-date, the stock has fallen 21.35%.
No comments:
Post a Comment