Nutrien downgraded to Underweight from Overweight at Barclays

Barclays analyst Benjamin Theurer double downgraded Nutrien to Underweight from Overweight with a price target of $68, down from $70. “Price-supporting events” such as pipeline and gas curtailments should continue into seocnd half of 2023 but so will deferred purchases, higher interest rates, and potash port issues, the analyst tells investors in a research note. The firm views the stock’s valuation as full at current levels. After a strong performance from most agriculture chemical companies since the USDA’s planting update late June, Barclays is seeing more limited upside potential for the broader group. It cites continued price decline in the potash space and margin impacts for North American producers for the downgrade.