The Globe and Mail reports in its Thursday, Oct. 3, edition that RBC Dominion Securities analyst Andrew Wong is keeping his "outperform" recommendation and $60 share target for Nutrien intact (all figures U.S.). The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $59.04. Mr. Wong expects third quarter earnings season for North American fertilizer companies will highlight the impact of "mixed" pricing and "soft" agricultural fundamentals. He says, "We continue to rank our nutrient preference as nitrogen, potash and phosphate, and see potential earnings upside to nitrogen-based producers." Mr. Wong says in a note: "We see Q3 slightly below consensus as strong potash volumes and better nitrogen performance only partially offset weaker retail results. We see shares and fundamentals as likely bottomed and presenting attractive upside/downside while the company still generates solid cash flows for buybacks at depressed valuations, and would be buyers on weakness." The Globe reported on July 16 that Mr. Wong was sticking with his "outperform" recommendation for Nutrien. The shares could then be had for $50.91.
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