12 January 2007 17:49 [Source: ICIS news]
TORONTO (ICIS news)--Citigroup has raised its share price targets for US fertilizer makers Terra and CF Industries on the back of strong nitrogen prices and large margins, the analysts said in a research note made available on Friday.
Citigroup raised its price target for Terra to $17.00 (€13.09)/share, from $13.60, and for CF to $33.00, from $26.00.
Terra’s shares were priced at $13.02/share, up 9%, and CF was priced at $28.50, up 2.9%, in early Friday afternoon trading in ?xml:namespace>
The analysts said nitrogen prices should remain high while natural gas feedstock prices are coming down. These trends are translating into bigger margins for the two fertilizer firms.
On the demand side, Terra and CF are also benefiting from the many new
($1 = €0.77)
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