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

JERUSALEM 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.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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