Nutrien initiated with an Outperform at Oppenheimer

Oppenheimer analyst Kristen Owen last night initiated coverage of Nutrien (NTR) with an Outperform rating and $60 price target Nutrien is the world’s largest fertilizer producer and its differentiation stems from its vertical integration, with retail providing critical on-the-ground intel and the greatest opportunity for reducing cash generation variability across the cycle, the analyst tells investors in a research note. The firm sees potash supply/demand trends broadly returning to a state of balance as the cost of incremental capacity remains elevated.