The Globe and Mail reports in its Wednesday, June 18, edition that Raymond James analyst Steve Hansen has downgraded Nutrien to "market perform" from "outperform." The Globe's David Leeder writes that Mr. Hansen continues to target the shares at $68 (all figures U.S.). Analysts on average target the shares at $63.16. Mr. Hansen says in a note: "[We are downgrading Nutrien] based upon the company's outsized share price gains in recent months (year-to-date: up 40.4 per cent vs. TSX: up 7.4 per cent) and diminishing commensurate upside to our target (unchanged). While the recent settlement of marquee potash contracts (China and India) likely supports additional spot momentum, we're mindful that key benchmarks have all staged strong moves since our Dec. 24 upgrade (Brazil: up 25 per cent, SE Asia: up 17 per cent, U.S. Midwest: up 19 per cent), and further upside will likely be tempered by several factors (affordability/seasonality/supply). At the same time, the recent retreat in corn prices from their Feb. 25 highs (down 13.6 per cent trailing four months) represents a clear decoupling vs. Nutrien's outstanding share performance over the same time period (up 18.2 per cent), a dynamic that's rarely proven sustainable."