Nutrien upgraded to Neutral from Underweight at JPMorgan

JPMorgan analyst Jeffrey Zekauskas upgraded Nutrien (NTR) to Neutral from Underweight with a price target of $50, up from $40. The firm says agricultural fundamentals are “generally stronger now” as Friday’s WASDE report indicated improved stocks-to-use ratios due to lower grain yields. The market may find itself scanning the agricultural equities for positive characteristics in the context of a tough agricultural market that has been characterized by price competition in crop chemicals, lower prices in potash, and most recently negative currency translation for Brazilian and European operation, the analyst tells investors in a research note. JPMorgan upgraded Nutrien to reflect this change in demand environment and less pressure on agricultural valuations.