The Globe and Mail reports that CIBC has slashed its price targets for Potash Corp (TSX:POT, NYSE:POT) and Mosaic Co. (NYSE:MOS) attributing the shift to a likelihood that supply will outpace demand.
CIBC analyst Jacob Bout said:
The continued deterioration in potash demand has resulted in pricing pressure in key markets such as China and Brazil,” Mr. Bout said in a research note today in which he slashed his long-term price forecast by $100 to $450 per ton.
