Soleil Starts Potash (POT) at Hold; $213 PT

Soleil Securities Group initiates coverage on Potash Corp. (NYSE: POT) with a Hold rating and a $213 price target.

The firm called Potash the "Global leader in fertilizers who also functions as the swing producer in potash despite being the low-cost producer." Soleil cites Potash's doubling of share price in just the last six months and believes shares are fully valued.

Soleil said it used the average of 5 valuation methods to arrive at its price target: discounted cash flow, replacement cost, normalized EBITDA, 2015 earnings discounted to '08, and P/E.

After opening the day slightly above yesterday's closing price of $204.12, shares of Potash have fallen about $10, or 5%, and are now trading around $193. Notably, Soleil's $213 price target represents upside of about 10% from current levels.

Potash Corporation of Saskatchewan, Inc. engages in the production and sale of fertilizers, and related industrial and feed products in North America. [BCS]

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