Downgrades: Agrium, Jefferies Monday, November 23, 12:56 PM ET
This morning, TD Newcrest downgraded shares of Agrium (NYSE:AGU) from Buy to Hold as the likelihood of a Terra Industries (NYSE:TRA) and CF Industries (NYSE:CF) merger increases. Preliminary results have shown that CF Industries won three seats on the Terra board and there has been speculation that this could spur conversations between the two companies once again. With the Agrium out of the picture for now, TD Newcrest sees no further catalysts for price appreciation and has set a price target of $60 per share.
In morning trading, shares of Agrium were trading higher with the markets, up about one percent so far.
And Goldman Sachs downgraded shares of Jefferies (NYSE:JEF) Neutral to Sell this morning as the firm remains concerned about the company's fixed income trading. Tight credit spreads and lower volumes could impact earnings going forward, forcing the downgrade from Goldman.
Shares of Jefferies were hit hard by the downgrade, falling more than four percent this morning.
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