05 January 2010 21:51 [Source: ICIS news]
HOUSTON (ICIS news)--Shares of Canada’s Potash Corporation of Saskatchewan (PotashCorp) jumped more than 5% in late afternoon trading on Tuesday at the New York Stock Exchange (NYSE) following an upgrade by a Credit Suisse analyst.
Credit Suisse analyst Elaine Yip noted that China’s 23 December settlement of a new potash contract at $350/ton (€241.50/ton) with Belarusian Potash Corporation set a highly-anticipated floor for the potash fertilizer market.
“With the Chinese contracts finally settling, we believe investors have a solid entry point to buy into the industry’s solid long-term fundamentals,” Yip said.
Credit Suisse upgraded PotashCorp to outperform from neutral.
Intrepid Potash was upgraded to neutral from underperform, and Mosaic was maintained at neutral.
“Our top pick among the North American potash names is PotashCorp, which we believe offers a compelling risk/reward profile owing to its significant leverage to the industry, an aggressive capacity expansion plan and an attractive valuation,” Yip said.
PotashCorp did not immediately return calls for comment.
On Monday (4 January), PotashCorp posted a price for potash of $390/ton for its North American customers.
($1 = €0.69)
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|