UPDATE: Credit Suisse Raising Price Target On Potash

Credit Suisse is out with a research report on Potash Corp./Saskatchewan POT and is raising its price target to $74 from $71, and is reiterating its Outperform rating on shares. In a note to clients, Credit Suisse writes, "Following the company's earnings call, we are raising our 2011, 2012, and 2013 EPS estimates to $3.71, $4.12, and $3.93 (from $3.54, $4.01, and $3.80) respectively and our target price to $74 (from $71). We continue to believe POT offers a compelling risk/reward profile given the upside risk to our potash price forecasts and the underappreciated growth potential tied to the company's capacity expanions. On our 2012 estimates, POT shares are currently trading at 14.4X P/E and 8.5X EV/EBITDA, compared to its historical multiples of 17.3X P/E and 10.5X EV/EBITDA." Shares of POT lost 8 cents yesterday to close at $59.10.