Bernstein analyst Jonas Oxaard downgraded Nutrien to Market Perform from Outperform with a price target of $53, down from $68. In a research note to investors, Oxaard says that while he sees 2020 as a good year for ag chems, within fertilizers he prefers potash and phosphate to nitrogen. The analyst says he doesn't think 2020 is a breakout year for Nutrien, noting that its share price has been range-bound since the company was formed in January 2018. For Nutrien to sustainably break out of this band, the market needs to see a path to faster EBITDA growth, or the multiple needs to re-rate and the analyst does not believe that either is likely over the next 12 months. He also does not expect a multiple re-rating, as he believes the market is already paying a premium multiple for the retail business.