RBC Capital Markets raised its 2012, 2013 and 2014 earnings estimates for Agrium Inc. ahead of the company?s analyst day in New York on January 28.
While several topics will be addressed, much of the focus will likely be on Jana Partners? opinion about Agrium?s retail business.
The activist hedge fund has criticized Agrium?s management for poorly managing its retail business and wants it separated from the wholesale operation.
RBC analyst Adam Schatzker expects Agrium will introduce new metrics for its retail business and highlight those already published.
?The release of the retail metrics is highly anticipated given that the company has provided relatively light detail in its reporting when compared to other retail companies,? Mr. Schatzker told clients.
His updated model reflects several small changes for Agrium?s retail outlook, as well as the ramp-up timing at its Vanscoy potash mine in Saskatchewan.
As a result, RBC?s earnings per share estimates are higher by 2% for 2012, 7% for 2013 and 14% for 2014.
This prompted Mr. Schatzker to raise his target price on Agrium shares for US$120 from US$115.
?We think 2013 will be a very good year for Agrium,? the analyst said. ?With high crop prices, we expect North American farmers will again seek to maximize yields and acreage ? all of which will be very positive for Agrium?s retail and nitrogen operations.?
Source: http://business.financialpost.com/2013/01/22/agrium-outlook-raised-ahead-of-investor-day/
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