Mizuho assumed coverage of CF Industries with a Neutral rating and $80 price target, down from $81 prior, ahead of the company’s Q4 results. The company should benefit from higher nitrogen prices earlier in the quarter, though looking ahead, nitrogen prices have started to soften due to lower TTF natural gas costs in Europe as well as subdued demand in Brazil due to weather, the analyst tells investors in a research note. Mizuho adds that it continues to believe that downward pressure in crop prices will make it challenging for fertilizer prices to move higher in 2024.
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