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Fly News Breaks for April 18, 2019
CF
Apr 18, 2019 | 08:52 EDT
As previously reported, BofA/Merrill analyst Steve Byrne downgraded CF Industries to Underperform from Buy and lowered his price target on the shares to $38 from $50. The analyst says he has spoken with 10 key channel contacts in the Cornbelt and several commented that never in their 30-plus year careers have they seen fertilizer applications this far behind, mainly due to the weather. Additionally, Byrne notes that the European Commission's recently announced anti-dumping duties on UAN imports from the U.S., Russia, and Trinidad and Tobago could meaningfully cause shipments to reroute from Europe. CF is the largest U.S. exporter of UAN into Europe, which could shift to more U.S. domestic sales, he adds.
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