Agrium (NYSE:AGU) Awaits China Export Policy Decision

Agrium Inc. (NYSE:AGU) is waiting on the decision by China on their new fertilizer export policy, which could benefit them if urea is targeted, according to TD Newcrest.

TD noted, "We await further details, but we expect any announced changes to China's fertilizer export policy to carry positive implications for the fertilizer sector given the explicit China government attempt to further restrict fertilizer exports. Particularly, an earlier peak season China export tariff on urea would be positive for AGU given its relative leverage towards nitrogen."

Agrium retains their "Buy" rating on them for Newcrest, although earnings and price target was lowered significantly.

Full year 2010 earnings were dropped from $4.59 to $4.57, and for full year 2011, from $6.34 to $6.25.

Agrium was trading at $80.12, dropping $0.87, or 1.07 percent at 12:47 PM EST, TD Newcrest has a price target of $95 on them now, slashing it from $105.