Nutrien downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs analyst Adam Samuelson downgraded Nutrien to Neutral from Buy with a price target of $53, down from $69, represents 14% upside from current levels. The company’s retail segment could be a source of incremental volatility and risk over the next 12 months from potential increases in bad debt expense and loss reserves relating to NTR Financial, the analyst tells investors in a research note. Amid a decline in crop prices, farmer incomes, and credit conditions, the firm sees three risks for Nutrien: additional increases in bad debt expense, increases in loss reserves to account for further farmer financial pressure, and tighter lending standards in 2025 that could compound headwinds from weaker crop prices.