J.P. Morgan Raising Price Target On CF Industries (CF)

J.P. Morgan Chase & Co. is raising its price target on shares of CF Industries Holdings, Inc. CF to $150 from $130, and has a Neutral rating on shares. In a note to clients, J.P. Morgan writes, "CF is both a fertilizer stock and a means of investing in the benefits that accrue to global producers with advantaged positions in North American natural gas, the latter position being one that CF shares with Eastman and LyondellBassell. CF is a good free cash flow generating entity. CF shares trade at 5.2x EV/EBITDA based on our 2011 forecasts and 5.8x EV/EBITDA based on our 2012 projections. Our year-ahead target is now $150 up from $130 due to higher EBITDA and EPS expectations." Shares of CF lost $9.94 on Friday to close at $137.87, a loss of 6.7%.