NEW YORK ( TheStreet) -- CF Industries Holdings ( CF), Agrium ( AGU), Potash Corporation of Saskatchewan ( POT) and Bunge ( BG) are among eight agriculture stocks with potential upside of up to 28%, based on analysts price targets. Being analysts' favorites, most of these stocks have no sell ratings.
8. Bunge ( BG) is a global agribusiness and food company operating in the farm-to-consumer food chain. It conducts its business in four divisions: agribusiness, sugar and bioenergy, food and ingredients and fertilizer.

During the first quarter ended March 2011, net sales rose 17.9% to $12.2 billion from $10.3 billion, driven by a 22.2% increase in revenue from agribusiness. Total volumes, however, declined 8% to 29.3 million tons. Subsequently, net income soared to $224 million, or $1.49 per share, as opposed to $44 million, or 31 cents per share, a year ago.

The company recently declared a regular quarterly cash dividend of 23 cents per share payable on June 2, 2011 to stockholders of record on May 19, 2011.

Of the 14 analysts covering the stock, 43% recommend buying it, while 50% rate it a hold. On average, analysts foresee 5% upside to $78.11 in value from current levels.

7. CF Industries Holdings ( CF) is a manufacturer and distributor of nitrogen and phosphate fertilizer products. It operates in two segments: Nitrogen and phosphate.

During the first quarter ended March 2011, net sales more than doubled to $1.1 billion from $502 million, primarily due to the inclusion of Terra net sales and higher average nitrogen and phosphate fertilizer selling prices. That gain was partially offset by lower phosphate fertilizer sales volumes. As a result, the company swung to a net income of $282 million, or $3.91 per share, from a loss of $4.4 million, or 9 cents per share a year ago.

On April 29, 2011, CF Industries' board of directors declared the regular quarterly dividend of 10 cents per common share. The dividend will be paid on May 27, 2011 to stockholders of record on May 16, 2011.

Of the 19 analysts covering the stock, 63% recommend a buy, while 32% rate it a hold. On average, analysts estimate 15.8% upside, to $162.38 in value from current levels.

6. Monsanto ( MON), along with its subsidiaries, is a provider of agricultural products for farmers. Its seeds, biotechnology trait products and herbicides provide farmers with solutions that improve productivity and produce better foods for consumers and better feed for animals. It manages business in two segments: Seeds and Genomics, and Agricultural Productivity.

During the second quarter of 2011, the company reported earnings of $1 billion, or $1.88 per share, compared to $887 million, or $1.60 per share in the year-ago quarter. Revenue for the period increased 6.1% year-over-year to $4.1 billion from $3.9 billion led by a 5.3% and 10.3% increase in revenue from seeds and genomics, and the agricultural productivity segment, respectively.

During April, the company paid a quarterly dividend of 28 cents per share. The company expects to generate strong cash flow in the future, and remains committed to returning value to shareowners through vehicles such as investments that expand the business, dividends and share repurchases.

Of the 24 analysts covering the stock, 46% recommend it as a buy, while 46% rate it a hold. On average, analysts estimate 17.5% upside, to $77.07 in value from current levels.

5. Potash Corporation of Saskatchewan ( POT) is an integrated fertilizer and related industrial and feed products company. It owns and operates five potash mines in Saskatchewan and one in New Brunswick.

During the first quarter of 2011, net sales rose 28.6% to $2.2 billion from $1.7 billion last year, driven by revenue growth across its segments. Total potash production increased 32.6%, to 2.6 million tons, while sales of manufactured product stood at 2.8 million tons, up 13.1% year-over-year. Lastly, average price per metric ton stood at $366, up 14% from $321 in the comparable quarter of last year. Net income soared to $732 million, or 84 cents per share, as opposed to $444 million, or 49 cents per share, in the year-ago quarter.

The company declared a quarterly dividend of 7 cents per share payable on August 5, 2011 to shareholders of record on July 15, 2011.

Of the 27 analysts covering the stock, 67% recommend it as a buy, while the remaining say it's a hold. There are no sell ratings. On average, analysts estimate 18.5% upside, to $65.26 in value from current levels.

4. The Andersons ( ANDE) is an entrepreneurial, customer-focused company with interests in the agriculture and transportation markets. It operates in five business segments: grain & ethanol, rail group, plant nutrient group, turf & specialty group, and retail group.

For the latest first quarter, the company reported 39% growth in revenue to $1 billion from $722 million in the year-ago period. This strong performance was led by a 59% year-over-year growth in revenue from its grain division as a result of an overall climb in grain prices. Moreover, net income surged to $17.3 million, or 93 cents per share, as compared to $12.3 million, or 66 cents per share in first-quarter 2010.

The company recently declared a regular quarterly cash dividend of 11 cents per share payable on July 22, 2011 to stockholders of record on July 1, 2011.

Of the seven analysts covering the stock, 43% recommend buying it, while the remaining rate it as a hold. There are no sell ratings on the stock. On average, analysts foresee 18.8% upside, to $51.97 from current levels.

3. The Mosaic Company ( MOS) is a producer and marketer of concentrated phosphate and potash crop nutrients for the global agriculture industry. The company operates in two business segments, phosphates and potash. The phosphates segment produces phosphate-based animal feed, while the potash segment produces and sells potash principally as fertilizer.

For the latest third quarter of 2011, the company reported 28% growth in revenue, to $2.2 billion from $1.7 billion in the year-ago period. This strong performance reflects continued strengthening of phosphate sales prices year-over-year when the recovery in phosphates selling prices was in the beginning stages. The company has also increased potash production levels. Net income more than doubled to $542.1 million, or $1.21 per share, as compared to $222.6 million, or 50 cents per share in third-quarter 2010.

The company paid a quarterly dividend of 5 cents per share on May 2, 2011 to stockholders of record as of close on April 25, 2011.

Of the 17 analysts covering the stock, 18% recommend it as a buy, while 77% rate it a hold. On average, analysts estimate 23.1% upside, to $84.36 in value from current levels.

2. Agrium ( AGU) is a global producer and marketer of agricultural products. It operates through its three business units: Retail, wholesale and advanced technologies. It sells crop nutrients, crop protection products, seed and services.

During the first quarter of 2011, revenue surged 60% to $3 billion from $1.8 billion, driven by higher revenue across its segments. Retail revenue soared 72% largely due to the combination of the inclusion of the Australian Landmark retail operations, as well as higher crop input volumes and prices. On the other hand, wholesale revenue grew 45%, owing to strong agricultural fundamentals. Lastly, the company swung to a net income of $171 million, or $1.09 per share, as against a loss of $1 million, or 1-cent per share in the year-ago quarter.

The company recently declared a dividend of $0.055 per common share to be paid on July 7, 2011 to shareholders of record on June 16, 2011.

Of the 26 analysts covering the stock, 69% recommend it as a buy, while 27% rate it a hold. On average, analysts estimate 28.1% upside to $104.93 in value from current levels.

1. Archer Daniels Midland ( ADM) is principally engaged in procuring, transporting, storing, processing, and merchandising agricultural commodities and products. It is a processor of oilseeds, corn, wheat, cocoa, and other agricultural commodities and is a manufacturer of vegetable oil and protein meal, corn sweeteners, flour, biodiesel, ethanol, and other food and feed ingredients.

During the latest third quarter ended March 2011, the company reported earnings of $578 million, or 86 cents per share, compared to $421 million, or 65 cents per share in the year-ago quarter. Revenue for the period soared 32.6%, to $20 billion, as total processed volumes increased 4%, to 15 million tons, from 14.5 million tons in the third quarter of 2010.

The company recently declared a cash dividend of 16 cents per share payable on June 9, 2011 to stockholders of record on May 19, 2011. This is ADM's 318th consecutive quarterly payment, a record of 79 years of uninterrupted dividends.

Of the 14 analysts covering the stock, 57% recommend it as a buy, while 36% rate it a hold. On average, analysts estimate an upside of 28.3%, to $40.75 from current levels.

>>To see these stocks in action, visit the 8 Agriculture Stocks With Upside portfolio on Stockpickr.