CF Industries Echoes Agrium In 3Q

JP Morgan has published a research report on CF Industries Holdings, Inc. CF following the company's 3Q earnings report and comparison to Agrium's AGU business experience. In the report, JP Morgan writes "Average product prices for the quarter experienced by CF were meaningfully below current posted fertilizer prices. Reported EPS were meaningfully below Consensus expectations but, as was true for Agrium, the business outlook for 4Q:10 and for 2011 remains exceptionally strong. Volume growth for 4Q:10 is likely to be healthy because of an early harvest and a long pre-plant season. CF's fertilizer price realizations are likely to make their way steadily toward spot prices. The stock traded down sharply in the pre-market and finished higher for the day." JP Morgan maintains its Neutral rating but has raised the price target from $100 to $130. CF Industries Holdings closed Friday at $122.47.