UBS analyst Joshua Spector downgraded Nutrien to Neutral from Buy with a price target of $51, down from $66. The firm expects a weaker agriculture market outlook to remain an overhang for Nutrien in the med-term. It previously believed the company’s stock could re-rate back towards historical levels as potash markets stabilized. However, when looking at UBS’s latest earnings forecast and run that through to free cash flow, the firm sees a less compelling upside scenario.
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