Nutrien downgraded to Market Perform on valuation at Raymond James

Raymond James analyst Steve Hansen downgraded Nutrien to Market Perform from Outperform with an unchanged price target of $90. The analyst cites valuation for the downgrade with the shares up 16% year-to-date. In addition, global fertilizer prices have continued to slip in the face of a sustained "buyer’s strike" and sharply lower gas prices, the analyst tells investors in a research note. The firm is stepping to the sidelines until better price visibility emerges.