Nutrien downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Charles Neivert downgraded Nutrien to Neutral from Overweight with a price target of $93, down from $115. The analyst cites the company’s Q3 earnings miss and a cut in guidance, along with his update on expectations for potash markets for 2023 and beyond. Neivert states that he now assumes higher volumes and a lower price deck for potash as well as higher volumes but unchanged prices for nitrogen. The analyst further states that the company’s retail EBITDA has been reduced.