Morgan Stanley says 'broader macro still a challenge' for chemicals sector

Icl

11/01/2023 15:35

** Morgan Stanley says China and Europe pivots provide
comfort to Chemicals sector, but broader macro still a challenge
    ** Brokerage believes Q4 and Q1 2023 will still face a
variety of challenges
    ** Brokerage says Europe's energy crisis improvement is a
function of warm winter and sees winter 2023 to be not as warm
    ** Cuts PTs on Nutrien  NTR.TO , Mosaic  MOS.N  and
Israel-based ICL Group  ICL.TA   ICL.N  on lower potash and
phosphate prices
    ** Raises PT on its top pick Corteva  CTVA.N 
 Company                          New PT      Old PT
 Nutrien Ltd  NTR.TO              $91         $100
 Mosaic Co  MOS.N                 $55         $60
 ICL Group Ltd  ICL.TA            $8.5        $12
 Corteva Inc  CTVA.N              $80         $70
 (Reporting by Ankit Kumar in Bengaluru)
 ((Ankit.Kumar2@thomsonreuters.com))