UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT for Agrium

In a report published earlier today, the Goldman Sachs Group, Inc. reiterated its Neutral rating for Agrium Inc. (NYSE: AGU) and slightly raised its price target from $85.00 to $86.00.

Goldman Sachs went on to say “We remain constructive on the Fertilizer names...Our positive view is based on: (1) a view that elevated oil prices will support new crop corn prices and farmer economics, (2) our expectation that sufficiently tight nitrogen (N) and phosphate (P) supplies will drive a less negative price trajectory than the consensus view, and (3) valuations look compelling relative to history and replacement value.”

Agrium Inc. closed on Friday at $82.17.