Nutrien to reap benefits of global fertilizer shortage - Barclays
10/06/2022 12:47
** Barclays raises PT for world's top fertilizer maker
Nutrien Ltd NTR.TO NTR.N to $126 from $116 while reiterating
"overweight" rating after co's investor day on Thursday
** NTR said it plans to raise its potash output to 18 mln
tonnes per annum (mtpa) by 2025 to mitigate the shortfall caused
by sanctions on Russia and Belarus, the world's No.2 and No.3
potash producers after Canada urn:newsml:reuters.com:*:nL4N2XW31Z
** Brokerage says it remains bullish on overall higher crop
prices for the foreseeable future, justifying higher fertilizer
prices
** NTR also said it plans to repurchase an additional $2 bln
worth of shares
** Barclays says NTR's doubled share buybacks are also
reflected in the higher PT, along with a more optimistic outlook
on margins in the short term
** Brokerage also sees the potential for NTR's upcoming 1.2
mtpa clean ammonia production facility in Louisiana, which would
be the world's biggest clean ammonia plant urn:newsml:reuters.com:*:nL2N2XA315
(Reporting by Ruhi Soni in Bengaluru)
((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))