RE:Barclays Barclays’ Benjamin Theurer upgraded Nutrien Ltd. to “overweight” from “underweight” with a US$68 target, up from US$64 but below the US$73.78 average on the Street.
“After a volatile third quarter and relative underperformance of K vs. N, we switch our recommendations and double-upgrade MOS and NTR to OW, given their K exposure, while upgrading ICL to OW as well. We downgrade CF to UW given recent relative outperformance, and lower CTVA to EW due to persistent destocking overhang,” he said.