18 June 2009 10:25 [Source: ICIS news]
LONDON (ICIS news)--UBS has downgraded its earnings estimate and share price target for fertilizer company Israel Chemicals (ICL) on expected lower potash prices, the investment bank said on Thursday.
UBS downgraded its target share price for ICL to New Israeli shekel (?xml:namespace>
The bank reduced ICL’s earnings per share (EPS) estimates for 2009 and 2010 by 17% and 19% respectively.
“We expect ICL to somewhat reduce potash production in the
“We expect the lower utilisation rate to drive margins lower,” the analyst added.
The move follows an announcement by rival producer K+S, which said it would cut production and prices in response to lower potash demand in
($1 = NIS3.96)
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