Mizuho analyst Edlain Rodriguez assumed coverage of Nutrien with a Neutral rating and price target of $54, down from $61. With the agriculture complex under pressure due to declining crop prices that will likely impact farmer’s net income, now is not the right time to be positive on fertilizer stocks, the analyst tells investors in a research note. The firm says the ongoing pressure on crop prices will likely prove challenging for fertilizer prices to move higher. Looking ahead, Mizuho believes potash pricing and volume “will be more subdued” as the decline in crop prices will make it challenging for fertilizer prices to move higher.
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