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Now almost 15% below consensus. GLTA Raymond James’ Steve Hansen cut his Nutrien Ltd. target to US$85 from US$90 with a “market perform” rating. The average is US$96.40.
“We are trimming our target price ... based upon further downward revisions to our financial estimates stemming from sharply lower NPK prices in recent months and diminished hope for a traditional spring rally,” he said. “While news surfaced [Tuesday] that Canpotex inked a long overdue export contract with Indian importer IPL, the new price ($422/mt) notably undercut our prior estimate and came with a short 6-month term, suggesting further price uncertainty this fall. We will continue to monitor accordingly.”
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