Nutrien price target lowered to $75 from $80 at BMO Capital

BMO Capital analyst Joel Jackson lowered the firm’s price target on Nutrien to $75 from $80 and keeps an Outperform rating on the shares after its Q2 earnings beat and FY24 EBITDA outlook cut. The management remains confident it will reach its $2B Retail target for 2026, even though it just lowered 2024 expectations, the analyst tells investors in a research note. Catalysts are more muted as investors gain comfort in the current “steady state”, but the firm expects Nutrien to ultimately re-rate back to an 7.5- to 8-times enterprise value to expected EBITDA multiple, BMO added.