21 May 2012 17:02 [Source: ICIS news]
HOUSTON (ICIS)--Norway-based fertilizer maker Yara International is expected to outperform the market because of higher prices for ammonia and urea, a London-based investment research firm said on Monday.
The supply and demand balance for ammonia will be tighter than expected in 2012, and with an ammonia market that is more concentrated than it appears, pricing can be more resilient, analysts at the firm of Bernstein Research said.
The firm said it is maintaining its rating on Yara of outperform as, in the near term, there is significant upside potential with relatively little downside risk.
The firm maintained its rating on Yara despite recent questions regarding an investigation of Yara executives for possible corruption charges by Norway's National Authority for Investigation and Prosecution of Economic and Environmental Crime (Okokrim).
Yara said on Monday that it had named Torgeir Kvidal as acting CFO to replace Hallgeir Storvik, and Jan Duerloo as acting head of upstream in place of Tor Holba.
Storvik and Holba stepped down from their positions after they were both charged in an Okokrim investigation into unacceptable payments.
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