CF Industries downgraded to Sector Perform yesterday at Scotiabank

As previously reported yesterday, Scotiabank analyst Ben Isaacson downgraded CF Industries to Sector Perform from Outperform with a price target of $100, down from $118. Q4 results "and/or a rosy outlook later this week don’t really matter," as the "nitrogen market is a mess" and there a buyer strike that is out of CF Industries’ control. The nitrogen market "should be strong," but prices have collapsed recently, with urea prices having fallen by about 50% over the past six months and ammonia prices recently breaching the lowest level seen since October 2021, the analyst told investors.