Nutrien price target lowered to $72 from $81 at HSBC

HSBC lowered the firm’s price target on Nutrien to $72 from $81 and keeps a Hold rating on the shares. Low prices have gradually brought back demand, but it is not buoyant enough to drive a broad-based recovery in fertilizers, the analyst tells investors in a research note. The firm reduced 2023 nitrogen, phosphorus, and potassium price forecasts by 9%, driven by nitrate price cuts, while saying urea balance is improving. Prices may be near trough levels, but risks to recovery remain, writes HSBC.