Yara initiated with an Underperform at Jefferies

Jefferies analyst Charlie Bentley initiated coverage of Yara with an Underperform rating and NOK 384 price target. The analyst says finding the new mid-cycle level is the main challenge in for the European fertilizer stocks. The firm currently has short-term preference for potash over nitrogen. Nitrogen is "structurally challenged," with the cost curve unlikely to improve in the medium term, the analyst tells investors in a research note.