CLSA analyst Mark Connelly downgraded Potash (POT) to Outperform and lowered its price target to $18 from $19. The analyst believes $300M in synergies are achievable from the Agrium (AGU) acquisition but said the company is already "jamming as much of its K through retail" as possible and the existing footprint is already choking on all the potash Agrium can force through it. Connelly believes the only way there can be additional integration benefit is if Agrium keeps spending high, to buy more Retail assets, resulting in an increasingly urgent spending program.