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CIBC downgrades pair of fertilizer companies

Wednesday, March 16, 2005

CIBC World Markets downgraded fertilizer companies Agrium Inc. to "sector underperformer" from "sector performer" and Potash Corp. of Saskatchewan Inc. to "sector performer" from "sector outperformer," primarily because of valuation, as their respective stocks have approached the firm's price targets. Analyst Jacob Bout also raised concerns that prices for the nitrogen and phosphate fertilizer they produce will drop. AGU (TSX) fell $1.35 to $21.05. POT (TSX) fell $4.32 to $103.08. Dow Jones, Bloomberg

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