Globe & Mail 08:11 AM EST, 03/08/2022 (MT Newswires) -- Nutrien Ltd. (NTR.TO) released Tuesday its 2022 environment, social and governance report that is part of the company's 2030 sustainability commitments.
Nutrien, which lost 2.8% at last look in US pre-market trading, said report highlights include its approved US$50 million in investments to reduce Scope 1 emissions by 1 million tonnes by the end of 2023, as well as intensity declines across scope 1 and 2 emissions.
The announcement comes after BNN Bloomberg reported overnight Monday that shares of Nutrien extended their rally Monday after an analyst upgraded the company's stock amid the short-term risks from Russia's invasion of Ukraine and longer-term fertilizer market opportunities.
Piper Sandler & Co. Senior Research Analyst Charles Neivert increased the price target on Nutrien's U.S.-listed shares to US$112, implying an 18% upside to its current price. Neivert raised his recommendation on Nutrien's shares to overweight (the equivalent of a buy) from neutral (the equivalent of a hold).
Neivert also increased price targets on fellow fertilizer names Mosaic Co. and CF Industries Holdings Inc. to US$80 per share and US$120 per share, respectively.