US investment bank opens fertilizer coverage, bullish on nitrogen

09 October 2009 16:37  [Source: ICIS news]

HOUSTON (ICIS news)--Dahlman Rose has initiated coverage of five North American fertilizer companies with a more positive outlook given to nitrogen producers, the New York-based investment bank said on Friday.

Dahlman Rose initiated its fertilizer company coverage with a buy rating on Canadian fertilizer retailer Agrium.

Minnesota-based Mosaic and Illinois-based CF Industries were given hold ratings, while Potash Corporation of Saskatchewan (PotashCorp) and Utah-based Intrepid Potash received sell ratings from Dahlman Rose.

“In the current fertilizer environment, we are somewhat more positively disposed toward nitrogen, followed by phosphate and potash,” the investment bank said.

Dahlman Rose said potash markets face the strongest headwinds in the coming year, with the possibility of meaningful price erosion from current levels.

 ($1 = €0.68)

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By: Frank Zaworski
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