Nutrien upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Richard Garchitorena upgraded Nutrien to Overweight from Equal Weight with a price target of $82, up from $62. The firm sees share underperformance versus the chemicals sector and S&P 500 year-to-date as an opportunity to add a best-in-class, quality ag play with double-digit organic growth potential when the cycle turns. With potash prices having declined about 50%-70% from the peak, and now likely 10%-20% from cash cost support, Wells sees potash prices as largely de-risked, setting the stage for earnings leverage when the cycle turns.