CIBC lowered the firm’s price target on Nutrien to $76 from $87 and keeps an Outperformer rating on the shares. The firm believes that after two years of pricing volatility, the company is entering a more stable agriculture input pricing period. For 2024, the analyst remains constructive citing retail earnings normalizing, potash market supply/demand looking more balanced, better nitrogen operating reliability, and lower capex levels. The reduced price target reflects lower wholesale fertilizer margins longer term.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on NTR:
- Nutrien sees 2024 adjusted EBITDA $1.65B-$1.85B
- Nutrien reports Q4 adjusted EPS 37c, consensus 65c
- Nutrien raises quarterly dividend 2% to 54c per share, begins share repurchase
- Nutrien price target lowered to $67 from $75 at TD Securities
- 3 Best Stocks to Buy Now, 1/30/2024, According to Top Analysts