The Globe and Mail reports in its Thursday, May 15, edition that Scotia Capital analyst Ben Isaacson has downgraded Nutrien to "sector perform" from "sector outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Isaacson continues to target the shares at $62 (all figures U.S.). Analysts on average target the shares at $61.49. Mr. Isaacson says in a note: "We think investors should lighten exposure to fertilizer stocks going forward. First, farmer economics are good -- not great. U.S. growers have also been a bit more cautious on crop input spending than rule-of-thumb economics would suggest. Second, we believe N, P, and K prices have limited upside near-term. While K may have a little more gas left in the tank, we see near-term downside risk to N prices, and P stripping margins seem to have peaked (even if DAP prices haven't). Third, on valuation, most stocks have moved a little ahead of EBITDA estimate revisions, although not by much. Some, like Nutrien, are now approaching mid-cycle fair value (and with only mid-cycle pricing as support). Fourth, on investor sentiment, we have been vocal that, since the Trump Put was established, some mean reversion in U.S. trade policy seemed inevitable."