Jefferies cuts Nutrien to 'hold' on weaker fertilizer outlook

Nutrien

16/07/2026 12:22

** Jefferies downgrades U.S.-listed shares of Canadian agrichemicals company Nutrien NTR.N to "hold" from "buy"
** Brokerage lowers price target to $63 from $96, representing a 7.8% downside to the stock's last close
** Says 2027-2029 outlook is likely more negative than positive due to weak farmer margins and supply pressure in potash
** Adds that ammonia profitability depends heavily on whether wars or geopolitical disruptions affect supply but the cost advantage from cheap feedstock may shrink over time
** Expects nitrogen prices to drift down by the end of next year, with the U.S.-Iran war likely winding down 
** As of last close, stock up 10.7% YTD

 (Reporting by Pranav Mathur in Bengaluru)
 ((Pranav.Mathur@thomsonreuters.com;))