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.
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Read More on NTR:
- Nutrien sees 2024 adjusted EBITDA $1.65B-$1.85B
- Nutrien reports Q4 adjusted EPS 37c, consensus 65c
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- Nutrien price target lowered to $67 from $75 at TD Securities
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