Nutrien Price Target Lowered to US$55 at CIBC

MT Newswires Live12-10

CIBC Capital Markets lowered its price target on Nutrien Ltd. (NTR.TO, NTR) to US$55 from US$60.

Analyst Hamir Patel assumed coverage of the Canadian fertilizer company with an Outperformer rating.

"With significant underutilized potash capacity (LTM op. rate of ~69%), Nutrien is well positioned to benefit from favourable long-term demand for potash," Patel said in a note to clients.

"While we admittedly see limited potential for elevated potash pricing over the medium-term (given upcoming industry capacity additions), Nutrien should drive free cash flow growth through further expansion of profitability in its Retail business (one-third of mid-cycle earnings)," the analyst said.

"At the same time, we expect increased share repurchase activity supported by higher operating earnings and declining capex spending into 2025."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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