CF Industries Holdings Inc. (NYSE: CF - News) is one of the largest manufacturers and distributors of nitrogen and phosphate fertilizer products in North America. The company's operations are organized into 2 business segments: the nitrogen fertilizer and the phosphate fertilizer.
The company is in the midst of being acquired by Agrium Industries (NYSE: AGU - News) or buyout of Terra Industries (NYSE: TRA - News). However, there is weak demand and pricing in the interim period.
As a result, we rate the shares a Hold and set a target of $70.00. Currently, CF Industries Holdings is valued at 8.6x our 2009 estimate of $7.91. Our target price is 8.9x our 2009 estimate
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