As previously reported, BofA downgraded CF Industries to Neutral from Buy with a price target of $88, down from $96, telling investors that the firm is turning “somewhat more cautious” on the agriculture space. As the firm looks into coming quarters, it sees risk of lower crop prices as U.S. ending stocks to use for corn that fell to a decade low in 2021 have steadily climbed and could reach a 20-year high if cornbelt weather is favorable this year.
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