18 January 2008 13:49 [Source: ICIS news]
MUMBAI (ICIS news)--Citigroup raised its 2008 earnings per share (EPS) estimate on Israel Chemicals Limited (ICL) by 32% to $0.95 mainly due to the global increase in the prices of potash and phosphate fertilizers, the brokerage said on Friday.
“In response to the robust outlook and current spot prices, our colleagues in n?xml:namespace>
“The results are increases of 20% and 9% for our potash and phosphate 2008 price assumptions for ICL."
Citigroup reiterated its buy rating and a price target of New Israeli shekels (NIS) 56 ($14.93) on the stock.
However, the brokerage said that the risks to its call include the unpredictable weather conditions that can have an impact on demand for fertilizers.
The Israeli government's right to block mergers, acquisitions or re-organisation in favour of public interest, may also affect the investment bank’s call.
($1 = NIS3.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|