CF Industries price target raised to $96 from $95 at BofA

BofA raised the firm’s price target on CF Industries to $96 from $95 and keeps a Buy rating on the shares after incorporating an updated price deck and lowering the firm’s 2024 EBITDA view. Most of the decline stems from Q1, where the firm now projects EBITDA of $574M as CF’s hedges should not allow it to benefit from the recent nat gas price decline. However, the firm believes that CF is poised to reap significant financial benefits from its brownfield Donaldsonville blue ammonia project in 2025-plus and is rolling some “blue” value into valuation, the analyst tells investors.