CF Industries price target raised to $92 from $88 at Wells Fargo

Wells Fargo raised the firm’s price target on CF Industries to $92 from $88 and keeps an Overweight rating on the shares. Ahead of the Q3 results for the chemicals group, the firm see risks of lower crop prices setting the stage for “muted” earnings growth in 2025, with “significant bifurcation within the sector.” The firm believes we are still in the middle innings of the agriculture cycle decline, with big ticket items and fertilizers likely to see the first spending cuts, followed by crop protection. However, it expects seed demand to be resilient.