Nutrien price target raised to $73 from $70 at Piper Sandler

Piper Sandler analyst Charles Neivert raised the firm’s price target on Nutrien to $73 from $70 and keeps a Neutral rating on the shares. The analyst updated models post the Q2 results and sees little in the data that changes Piper’s view that agriculture equities are fairly valued under the current market conditions. There has been some recent price strength in each of the fertilizer products, but this reflects a fallout of delayed decision making by growers as prices were falling for both the fertilizers and the grains, the analyst tells investors in a research note.