-- Nutrien Ltd. (NTR.TO, NTR) was upgraded to Outperform from Market Perform at Raymond James.
Analyst Steve Hansen raised his price target on shares of the Canadian fertilizer company to US$90 from US$74.
Hansen said his improved outlook on Nutrient is based upon: "1) early-stage signs of improving crop price fundamentals; 2) rising NPK prices, including recent fly-ups in Nitrogen & Phosphate stemming from the US-Iran war; and 3) commensurate increases to our forecasts."
"While rising input costs (sulphur, fuel) and strained grower affordability represent competing near-term headwinds, we believe the net effect of these cross-currents will be higher durable earnings and FCF," the analyst said in a note to clients.