TheStreet.com  Apr 10  Comment 
NEW YORK (TheStreet) -- CF Industries  has been downgraded to "equal weight" from "overweight" with a $267 price target, Barclays said Thursday. The revision was mainly the result of a valuation call, though the firm also said it had...
StreetInsider.com  Apr 10  Comment 
UPGRADES Pivotal Research raises Facebook (Nasdaq: FB) from Hold to Buy and adjusts its price target from $66 up to $72. Click Here for more color. Cantor Fitzgerald boosts Twitter, Inc. (NYSE: TWTR) from Sell to Hold with a price target of $45....
Benzinga  Apr 10  Comment 
Analysts at Bank of America downgraded Bed Bath & Beyond (NASDAQ: BBBY) from “buy” to “neutral.” The target price for Bed Bath & Beyond has been lowered from $87 to $72. Bed Bath & Beyond's shares closed at $67.91 yesterday. Analysts...
Benzinga  Apr 3  Comment 
On Thursday, Citigroup downgraded shares of CF Industry (NYSE: CF) from Buy to Neutral and maintained a $267 price target. Analyst P.J. Juvekar seems “limited catalysts near term” as the stock nears the analyst's previous $267 price...
Reuters  Mar 17  Comment 
Mosaic Co said on Monday that it has completed its $1.4-billion purchase of CF Industries' phosphate business.
SeekingAlpha  Mar 13  Comment 
ByPrice Point: CF Industries' (CF) (the world's second-largest nitrogen fertilizer producer) most recent results help explain its strong performance in recent quarters. The company's nitrogen business continues to outperform by moving more volumes...
FiercePharma  Feb 24  Comment 
Any drugmaker knows that no matter what a drug's sticker price, its sales can only go as far as its patient pool will take it. So for Vertex, whose cystic fibrosis med Kalydeco had reached nearly all eligible patients in the U.S. and Europe, a new...
DailyFinance  Feb 21  Comment 
Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced the U.S. Food and Drug Administration (FDA) approved a supplemental New Drug Application (sNDA) for KALYDECOTM (ivacaftor) for people with cystic...
Benzinga  Feb 20  Comment 
In a report published Thursday, Bank of America analyst Kevin W. McCarthy reiterated a Buy rating on CF Industries (NYSE: CF), and raised the price target from $259.00 to $261.00. In the report, Bank of America noted, “CF delivered solid 4Q...
MedPage Today  Feb 19  Comment 
(MedPage Today) -- Ivacaftor (Kalydeco) substantially cut IV treatment needs while improving lung function in severe cystic fibrosis with the G551D mutation, a small study showed.


The company is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America. The company's operations are organized into two business segments: the nitrogen fertilizer business and the phosphate fertilizer business. The company's principal products in the nitrogen fertilizer business are ammonia, urea and urea ammonium nitrate solution (UAN). The company's principal products in the phosphate fertilizer business are diammonium phosphate (DAP) and monoammonium phosphate (MAP). The company supplies approximately 24% of the nitrogen and approximately 12% of the phosphate used in agricultural fertilizer applications in the United States. North America accounts for 91% of CF's sales


CF is a leader in US nitrogen. The company has one of the highest market shares in the US corn-belt (30% nitrogen, 17% phosphate) making CF the closest pure-play on potential growth in US corn acres tied to corn use for ethanol production. CF is the second largest nitrogen producer in North America with 3.6m tons of ammonia and 2.5m tons of urea capacity. CF is the #3 producer of phosphate fertilizer in North America based on 1m tons of phosphoric acid capacity in Florida. CF Industries is a leading US producer and distributor of nitrogen (75% of sales) and phosphate (25% of sales) fertilizers. The company has a 23% share of the total US nitrogen market and a 12% share of US phosphates.

Phosphate prices are strong due to low stocks, new demand for corn (from ethanol), that has created the largest corn crop since 1944 and significantly in creased acreage and fertilizer application rates. The phosphate market will remain tight next year based on healthy offshore demand growth in India and Brazil and higher application rates in the US. This is likely to lead to higher price and cash margins for various fertilizers. The Phosphate producers have better producer discipline and price leadership by Mosaic under a new team, no new mines until 2011 and offshore demand growth in India, Brazil and Australia.


Natural gas is the principal raw material, as well as the primary fuel source, used in the ammonia production process. Natural gas purchases accounted for approximately 54% of the total cost of sales for nitrogen fertilizers and a substantially higher percentage of cash production costs. The market price for natural gas in North America is significantly higher than the price of natural gas in other major fertilizer-producing regions. For example, during 2006, natural gas prices in the United States averaged approximately $6.74 per MMBtu and in Canada averaged approximately $5.76 per MMBtu. In comparison, during 2006, natural gas prices paid by fertilizer producers are estimated to have been approximately $1.25 per MMBtu in Russia and approximately $2.65 per MMBtu in the Republic of Trinidad and Tobago. A $1.00 per MMBtu change in the price of natural gas would change the cost to produce a ton of ammonia by approximately $33.

Customer concentration is high, as well. Three customers, Agriliance, GROWMARK, Inc., and ConAgra International Fertilizer Company made combined fertilizer purchases of approximately $944.0 million, representing approximately 48% of total net sales.


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