Nutrien assumed with an Outperformer at CIBC

CIBC assumed coverage of Nutrien (NTR) with an Outperformer rating and price target of $55, down from $60. With significant underutilized potash capacity, Nutrien is well positioned to benefit from favorable long-term demand for potash, the analyst tells investors in a research note. The firm sees limited potential for elevated potash pricing over the medium-term given upcoming industry capacity additions, but says Nutrien should drive free cash flow growth through further expansion of profitability in its Retail business. It also expects increased share repurchase activity supported by higher operating earnings and declining capex spending into 2025.