Nutrien upgraded to Buy at TD Securities ahead of Q2 report

As previously reported before open, TD Securities analyst Michael Tupholme upgraded Nutrien to Buy from Hold with a price target of $83, up from $72. Nutrien will report Q2 results on August 2 and the firm’s upgrade reflects the fact that crop prices have exhibited strength in recent weeks and its view that they appear likely to remain well-supported “over the foreseeable future.” While the firm expects Nutrien to cut its 2023 earnings guidance TD believes consensus expectations likely have relatively limited downside at this point, particularly 2024 estimates, the analyst told investors.