Nutrien price target lowered to $80 from $85 at RBC Capital

RBC Capital lowered the firm’s price target on Nutrien to $80 from $85 but keeps an Outperform rating on the shares. The company delivered a “solid” Q3 that “hit all the right notes” – potash improvement, Retail margin recovery, and further capex discipline, the analyst tells investors in a research note. Nutrien shares also look undervalued, implying a 1- to 2-turn EV to expected EBITDA multiple discount relative to peers on the fertilizer business, the firm added.