K+S AG (SDF), Europe’s largest potash producer, dropped the most in three months in Frankfurt trading after analysts at Deutsche Bank AG recommended selling the shares on weaker prices for the crop nutrient.
The stock fell as much as 3.8 percent, its biggest intraday decline since Jan. 3, to 34.30 euros. Deutsche Bank analysts Virginie Boucher-Ferte, Martin Dunwoodie and Tim Jones cut their rating to sell from hold, saying pricing for the crop nutrient will remain under pressure as demand is held back by slower economic growth.
K+S, based in Kassel, Germany, was trading down 3.7 percent at 34.34 euros as of 11:24 a.m. local time. The stock has lost 1.9 percent this year for a market value of 6.57 billion euros ($8.57 billion).
The analysts also cut their target price for the stock to 31 euros from 32 euros, according to a note to clients dated April 11.
To contact the reporter on this story: Sheenagh Matthews in Frankfurt at email@example.com
To contact the editor responsible for this story: Simon Thiel at firstname.lastname@example.org