Nutrien initiated with a Buy at Jefferies

Jefferies analyst Laurence Alexander initiated coverage of Nutrien with a Buy rating and $62 price target. As a leading supplier of both fertilizers and crop protection solutions, Nutrien has leverage in the longer-term to a turn in consumer confidence, restocking, climate stress driving higher crop prices, and the energy transition resetting nitrogen economic, the analyst tells investors in a research note. The firm sees a favorable risk/reward on the shares as headwinds fade.