Morning Star thinks CF is overvalued

CF Industries Holdings, Inc. (NYSE:CF - News)Industry: ChemicalsPrice to Fair Value Estimate: 229%From the Analyst Report: "While the near-term outlook is certainly bright for CF, we have serious concerns regarding the sustainability of current market conditions. First, the tremendous profits being reaped by domestic producers are sure to attract additional supply to this market, which has fairly low barriers to entry. Also, natural-gas costs are a looming concern, because they can represent between 60% to 80% of the firm's total costs. Any shift in what has been a relatively benign cost environment since Katrina could quickly send profits tumbling. Finally, any decline in international shipping rates could quickly increase the attractiveness of imported product and force domestic producers to reduce their operating rates."