Nutrien upgraded to Buy from Hold at Berenberg

Berenberg upgraded Nutrien to Buy from Hold with a price target of $66, up from $60. The shares had a tough 2023, largely due to strong price normalization in the company’s key potash fertilizer segment, production outages, higher than expected costs in its retail segment and the decision to cancel its clean ammonia project in Geismar, Louisiana, the analsyt tells investors in a research note. The firm believes all these issues are behind Nutrien and views the company’s Q4 results as “reasonably good.” It thinks there are three catalysts ahead in the next three months that could drive the share price higher.