CF Industries price target lowered to $90 from $95 at RBC Capital

RBC Capital lowered the firm’s price target on CF Industries to $90 from $95 and keeps an Outperform rating on the shares as part of a broader research note previewing Q1 results in Fertilizer names. The quarter was mixed, with crop prices declining but still elevated, potash prices stabilizing, nitrogen better than expected, phosphates fading toward quarter-end, and operational issues impacting volumes, the analyst tells investors in a research note. RBC is positive on CF Industries given the company’s strong execution and constructive long-term outlook for North American nitrogen producers, but also warns that the stock comes with “near-term seasonal risk”.