Nutrien 2024 consensus estimates high - JPMorgan
) to Neutral from Overweight, cutting the price target to $58 from $70 per share in a note to clients on Monday.
"The potash market is more loose, and potash tons are being added by producers in Laos, Russia, and Belarus," the analysts explained."Grain prices have moved lower: corn was $6.50/bu a year ago and is now closer to $4.75/bu. The stocks-to-use ratio in corn was just above 10% in 2022 and is now above 15%."
"It appears that there is pressure in crop chemical values because of lower grain prices and more plentiful chemical supply," said the analysts.
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