DB downgrades Yara to 'hold', says 'risk-reward is balanced'

Yara International ASA

12/02/2026 12:20

** Deutsche Bank downgrades Norwegian fertilizer producer Yara YAR.OL to "hold" from "buy", stating the risk-reward is now "more balanced" after a recent share price rally

** The brokerage still raises its PT by over 7% to NOK 484/shr, citing higher 2026 earnings forecasts due to stronger fertiliser prices and slightly lower energy costs

** However, DB does not see sufficient upside to maintain its previous rating, after the stock reached DB's previous PT of NOK 451, limiting potential for further gains

** The broker believes key catalysts like first-half earnings upgrades are already underway, and while the stock is "not expensive", its earnings are boosted by temporary factors, including geopolitical tension

** DB remains positive on short-term fertiliser pricing trends but does not expect significant further increases without a meaningful recovery in crop prices

** Out of 22 analysts that cover the Yara stock, five rate it "strong buy" or "buy", 13 rate "hold", and four rate "sell"/"strong sell", according to LSEG data

 (Reporting by Marta Frackowiak)

 ((marta.frackowiak@thomsonreuters.com))