It's getting hard to keep up with the new price targets on Potash Corp. of Saskatchewan Inc. Every day, it seems, another analyst steps forward as the new top bull, with the highest target on the Street.
Fai Lee, an analyst at Royal Bank of Canada, bumped up his 12-month forecast to $300, from $250 previously, putting him back on top. The new target represents a 20-per-cent increase and suggests a potential 50-per-cent increase over Potash Corp.'s current share price.
If that sounds outlandish, keep in mind that the stock has risen 185.4 per cent over the past year and is up 37.2 per cent in 2008 alone. The stock closed at $196.88 in Toronto yesterday.