Stocks in the Fertilizer group are moving higher Wednesday afternoon following some new coverage from RBC Capital's Chris Nocella this morning. The Market Vectors Agribusiness ETF MOO is trading up more than 0.7 percent at last check.
Nocella initiated coverage on the following stocks:
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- Agrium AGU - Outperform, $122 target - Called Agrium's input business "the most diverse, vertically integrated" within the Ag space. Sees "a clear path to strong earnings growth from both its Retail and Wholesale" units which could translate to "robust cash flows with lower volatility."
- Potash POT - Market Perform, $37 target.
- CF Industries CF - Market Perform, $235 target.
- Interpid Potash IPI - Market Perform, $16 target.
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