Nutrien downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Nutrien to Underweight from Neutral with a price target of $48, down from $58. North American agricultural companies tend to move directionally with domestic corn prices, the analyst tells investors in a research note. The firm says Nutrien, among the agricultural equities, is a “reasonable candidate for exposure to lower movements in grain prices.” If grain prices do not move lower, a likely downward movement in its EBITDA limits its capital appreciation potential, says JPMorgan.