CF initiated with Outperform on ammonia growth at Oppenheimer

Oppenheimer last night initiated coverage of CF Industries (CF) with an Outperform rating and $114 price target While fertilizer affordability remains a challenge in 2025, the ammonia markets offer a more favorable long-term secular growth opportunity beyond agriculture, the analyst tells investors in a research note. The firm says intermediate ammonia industry trends are broadly favorable, with steadily increasing cost of production limiting incremental greenfield capacity, while global demand is expected to continue to grow, tightening the supply/demand balance and supporting pricing. Among the fertilizer names, CF has a long history of outperforming from a total shareholder return perspective, contends Oppenheimer. It calls the company a leading ammonia producer.