UPDATE: J.P. Morgan Downgrades Agrium to Neutral

J.P. Morgan is out with its report today on Agrium AGU, downgrading AGU to Neutral from Overweight. In its report, J.P. Morgan writes, "We are lowering our investment rating for Agrium shares from Overweight to Neutral. We recognize that the fertilizer fundamentals are strong due to high crop prices and tight domestic grain supplies. The change to our rating reflects our adopting a more moderate risk exposure in the fertilizer sector." J.P. Morgan lowers PT on AGU to $89 from $105. Shares of AGU closed Tuesday at $83.17, down 1.07% from Monday's close.