Deutsche Bank analyst Phillip Pepe cut his rating on the stock from buy to hold and slashed his 12-month share price target to 50¢ from $1.50. RBS Morgans' Belinda Moore retained her hold rating on the stock but cut her price target from 94¢ to 43.5¢ in the wake of the "significantly worse than expected" downgrade. The malaise surrounding Elders spread across the agricultural sector yesterday, with Mr Pepe's colleagues at Deutsche Bank warning Elders' negative outlook on glyphosate prices had implications for chemicals manufacturer and distributor Nufarm, shares in which fell 20¢ to $5.50. Graincorp shares fell 5¢ to $5.50, while rural services group FarmWorks lost 2¢, or 14 per cent, to 12¢.