However, Citi is maintaining its $145 price target on the stock.
I remain short on Apple -- in fact, I recently added to that stake.
Shrinking My Regional-Bank Holdings
As part of my cleanup process, I plan to eliminate these regional-bank longs on the sector's recent strength:
- Enterprise Financial Services (EFSC) , which is +10% this week
- MB Financial (MBFI) , which up 5% this week
- BB&T Corp. (BBT) , which is +4% so far this week
That said, I'm maintaining my small positions in the other regional banks that I hold. I'm also keeping my reduced stakes in money-center firms Bank of America (BAC) , Citigroup (C) and JPMorgan Chase (JPM) after selling part of those holdings earlier this week.
And I'm not taking any banks off of my Best Ideas list, as I still view the firms I've included there as good multiyear opportunities. I'll also be buying money-center banks again if we see weakness of 5% or so.
From The Street of Dreams (Part Trois)
The move was mostly a valuation call based on the notion that there will be continued "price discipline" in the potash market.
A possible short-term catalyst could be the Chinese contract settlement (at around $280+ per ton), which could be announced in the next two months. That could restore market confidence in both POT and the entire group.
I agree with Bernstein, and I'm maintaining my long on POT.