Jefferies upgrades U.S.-listed shares of Canadian agrichemicals company Nutrien (NTR.TO) , (NTR.N) to “buy” from “hold”
It also raises price target to $96 from $74, representing an upside of 21% to the stock’s last close on Wednesday
U.S.-listed shares of the company up 4.4% at $82.77 in premarket trading, as fertilizer stocks soar on the escalated Middle East conflict, which tightened the global fertilizer markets
Brokerage says North American producers, like NTR, are geographically insulated from fighting
Jefferies expects near-term demand to be inelastic, with knock-on effects for row crop decisions next year
14 out of 24 brokerages rate the stock “buy” or higher, 8 “hold” and 2 “sell”; their median PT is $72.60- LSEG data
As of last close, shares up 28.5% YTD

FTAG

VEGI

Reuters

VanEck Agribusiness ETF

BUZZ-Jefferies upgrades US-listed shares of Nutrien to 'buy'; shares rise