J.P. Morgan Upgrades EPS On Agrium, Maintains Overweight (AGU)

J.P. Morgan upgraded its earnings per share estimates on Agrium AGU in a research report published today. J.P. Morgan left its price target at $105 and Overweight rating unchanged, however. In the report, J.P. Morgan states, "Agrium is likely to earn somewhat less than Consensus expectations in the first half of 2011 due to weaker than expected 2Q demand from wet weather conditions in both the Midwest and in Western Canada, and from the effects of lost Wholesale tonnage stemming from turnarounds at a phosphate and ammonia plant in June. We lift our 2011 EPS forecast from $7.30 to $7.45 due to better than expected profitability in the Retail business as well as the phosphate and potash operations. We also inch forward our 2012 projection from $7.75 to $7.85. We maintain our Overweight rating, believing that the shares are now oversold." In today's pre-market session, Agrium lost 1.21% to stand at $83.00.