Wolfe starts Nutrien at Outperform, says shares ‘temporary value trap’

Wolfe Research analyst Chris Parkinson initiated coverage of Nutrien with an Outperform rating and $66 price target. The firm fears that numbers still need to fall before investors come around to agriculture stocks. Broader sentiment renders Nutrien shares a “temporary value trap” until a number of trends materially inflect positively, the analyst tells investors in a research note.