CF Industries price target lowered to $107 from $111 at Oppenheimer

Oppenheimer analyst Kristen Owen lowered the firm’s price target on CF Industries (CF) to $107 from $111 and keeps an Outperform rating on the shares. The firm notes CF Industries closed 4.2% lower Thursday after reporting a solid finish to 2024. While the demand backdrop is demonstrably improved, key debates focused on the dynamic ammonia cost curve/natural gas backdrop amid potential Russia/Ukraine negotiations, and specific to CF the trade-off between FID on its $4B greenfield blue ammonia facility and the healthy cadence of share repurchases.