Nutrien price target lowered to $60 from $70 at RBC Capital

RBC Capital analyst Andrew Wong lowered the firm’s price target on Nutrien to $60 from $70 and keeps an Outperform rating on the shares as part of a broader research note on Fertilizer names. Q2 is seen as another “mixed” quarter with nitrogen and phosphate prices that performed better than expected, but producers likely only partially benefiting given forward sales and with potash prices also drifting lower, the analyst tells investors in a research note. Moreover, crop prices declined, pressuring farmer profitability and fertilizer affordability, and the sector will likely need positive catalysts to move equities higher in the near-term, RBC added.