Shares of Nutrien (NYSE:NTR) and CF Industries (NYSE:CF) are up in today’s trading, which can be attributed to an analyst upgrade. Ben Isaacson of Scotiabank changed his ratings from Hold to Buy while assigning price targets of $90 and $95 per share, respectively.
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Interestingly, Isaacson is not bullish on earnings, stating that both companies are likely to miss EBITDA estimates by approximately 15% in the first quarter. Nevertheless, he believes that the risk-to-reward ratio has improved, stating that “we’d rather be a little early on this trade than miss it.”
Overall, Wall Street appears to have similar similar ratings as Isaacson, with NTR stock and CF stock both rated as Moderate Buys. In addition, the former has a $90.83 average price target while the latter has a $100.07 average price target, implying over 27% and 34% upside potentials, respectively.
