RESEARCH ALERT-Clal cuts Israel Chems price target to 45 shekels

Tue Jan 1, 2013 5:19am EST
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JERUSALEM Jan 1 (Reuters) - The Clal Finance brokerage lowered its price target for Israel Chemicals (ICL) to 45 shekels from 52 shekels amid lower prices being paid for potash by Chinese customers.

Clal in a report on Tuesday maintained a "market perform" recommendation for shares of ICL, a maker of fertilisers and specialty chemicals, which were 1.7 percent higher at 45.40 shekels at midday in Tel Aviv.

On Monday, three North American potash producers struck a six-month deal to supply the crop nutrient to a subsidiary of China's Sinofert Holdings at $400 per tonne, $70 less than the prior contract.