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Citi Downgrades CF Industries Holdings to Neutral

Analysts at Citi downgraded shares of CF Industries Holdings (CF) to Neutral from Buy citing valuation and limited near term catalysts. The price target on CF was retained at $ “there are risks of a softer urea market in 2H14 on higher China exports and potential for lower grain prices if a record crop develops. Plus (see Figure 1), CF’s multiple has risen to ~14x, back toward pre- “shale supremacy” levels. We see balanced risk/reward here and recommend investors stay on the sidelines for now.” Citi said in a note to clients “Global urea markets have weakened outside of the US since late February and now appear to have reversed the rebound which started late last summer. Part of this move could be seasonal. Supply uncertainty in China could increasingly pressure the market as seasonally exports should be much higher in 2H14 with lower tariffs.” it added Shares of CF Industries Holdings (CF) were trading lower by 1 percent at $ in early morning trade.
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BMO Capital raises Apple’s price target to $565, reiterates Outperform

Analysts at BMO Capital raised the price target on shares of Apple (AAPL) to $ from $ and reiterated their Outperform rating on the stock. “We continue to believe that AAPL’s valuation is attractive relative to historical measures as well as relative to the S&P 500. Based on changes in the multiple, we believe that the upside case is in the $635 range and the downside case is in the $470 range. We are raising our March quarter EPS estimate to $ from $ (consensus of $)” BMO Capital said “We are raising our EPS estimates on Apple, driven by aggressive share buybacks. Apple repurchased approximately $14 billion worth of stock, and we assume that the share count declines by around 22 million, to 880 million shares in the March quarter. In addition, we assume total share buybacks of about $35 billion in FY2014 and FY2015, compared with $40 billion over the past 12 months” it added Shares of Apple (AAPL) closed at $ on Thursday
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