Potash Corp. (NYSE:POT) was downgraded by Gleacher & Co. (Nasdaq:GLCH) from "Buy" to "Neutral," saying there's not much more room to move upward, as most of the bid by BHP Billiton is already built into the share price.
"We are downgrading POT to Neutral as we believe significant upside from current levels is limited. The share price is at $146.73, 13% higher than the BHP bid of $130 as investors anticipate a higher bid from BHP (NYSE:BHP) (likely) or the emergence of a white knight (less likely)...We are adjusting our fair value to $160 per share, which represents a 10% premium to our estimated replacement value of $146," said Gleacher.
Potash is down slightly today, standing at $146.70, losing $0.14, or 0.10 percent, as of 1:16 PM EDT.
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