Aug. 23 (Bloomberg) -- OAO PhosAgro advanced after Citigroup Inc. and Troika Dialog initiated coverage and recommended buying stock in Europe’s largest phosphate-fertilizer maker.
The shares climbed 2.2 percent higher at 10,166 rubles by the 6:45 p.m. close in Moscow. Its London-listed global depositary receipts were unchanged at $11.50.
PhosAgro raised $538 million in an initial public offering after selling stock at $14 apiece, the bottom of a narrowed price band, it said on July 13.
“PhosAgro will benefit from strong phosphate-market fundamentals,” said Daniel Yakub, equity analyst at Citigroup.
Troika Dialog analysts led by Mikhail Stiskin set a price estimate of $15.05 for the stock.
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