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Agrium (AGU) Stock Slides, Downgraded After Potash Deal

NEW YORK (TheStreet) -- Shares of Agrium (AGU) were slumping in mid-afternoon trading on heavy volume Tuesday as its stock rating was lowered after the company agreed to merge with Potash (POT) in a $36 billion deal yesterday.

BMO Capital Markets cut its rating on Agrium shares to "market perform" from "outperform" with a $95 price target.

"First, we expect the stock to trade sideways through the new company approval process and believe an AGU thesis is now muddled. Second, the risk/reward now seems balanced, and AGU did not receive a...