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CF

CF Industries

$39.02

-2.07 (-5.04%)

, NTR

Nutrien

$50.46

-2.68 (-5.04%)

08:31
03/25/19
03/25
08:31
03/25/19
08:31

Plantings report likely to create volatility for fertilizer stocks, says Cowen

Cowen analyst Charles Neivert said the annual Prospective Plantings report, due out on Friday, March 29 at noon, is likely to create some volatility around fertilizer shares as it represents the first important data point for the upcoming U.S. agricultural season. Grower economics favor corn over soybean acres as of now, said Neivert, who noted that expectations are for corn and wheat acres to rise, soybean acres to decline, and cotton acres to remain about flat. Agricultural chemicals stocks covered by the firm included CF Industries (CF), Nutrien (NTR), Intrepid Potash (IPI), CVR Partners (UAN) and Mosaic (MOS).

CF

CF Industries

$39.02

-2.07 (-5.04%)

NTR

Nutrien

$50.46

-2.68 (-5.04%)

IPI

Intrepid Potash

$3.69

-0.185 (-4.77%)

UAN

CVR Partners

$4.09

-0.14 (-3.31%)

MOS

Mosaic

$26.84

-1.44 (-5.09%)

  • 28

    Mar

CF CF Industries
$39.02

-2.07 (-5.04%)

01/14/19
01/14/19
DOWNGRADE

Market Perform
CF Industries downgraded to Market Perform at Bernstein on nitrogen volatility
As previously reported, Bernstein analyst Jonas Oxgaard downgraded CF Industries to Market Perform from Outperform as he believes nitrogen prices will be flat in 2019, leaving it fairly valued. The analyst is conscious that ammonia prices, urea prices, and CF earnings are highly sensitive to Chinese coal price and changes in the price-setting mechanism, however, and he expects continued volatility in nitrogen and, consequently, CF share price.
01/14/19
BERN
01/14/19
DOWNGRADE
BERN
Market Perform
CF Industries downgraded to Market Perform from Outperform at Bernstein
12/19/18
SPHN
12/19/18
UPGRADE
Target $60
SPHN
Overweight
Stephens upgrades CF Industries to Overweight, sees improved risk/reward
Stephens analyst Mark Connelly upgraded CF Industries to Overweight from Equal Weight and raised his price target for the shares to $60 from $55. The analyst expects "solid" nitrogen demand to keep CF volumes high, even if the cost curve is flatter. The stock at current levels is reflecting a flatter curve than is likely, which brings an improved risk/reward profile, Connelly tells investors in a research note. Further, he estimates CF's leverage will drop to a "comfortable" 2.4 times by year end. The company's free cash potential over the next two years can average greater than $5 per share, contends the analyst.
03/19/19
SBSH
03/19/19
NO CHANGE
SBSH
Citi cuts Q1 fertilizer estimates on slow start to spring season
Citi analyst P.J. Juvekar cut his Q1 earnings for CF Industries (CF), Mosaic (MOS) and Nutrien (NTR) saying the start to the spring has been slow due in part to tough weather conditions in much of the Midwest. The cuts are driven by weather, not a change in fundamentals, Juvekar tells investors in a research note. He expects U.S. demand will pick up soon and thinks it is too early to "throw in the towel" for the spring season. Juvekar prefers shares of Nutrien, CF and Mosaic, in that order, and keeps Buy ratings on all three names.
NTR Nutrien
$50.46

-2.68 (-5.04%)

01/08/19
BMOC
01/08/19
UPGRADE
BMOC
Outperform
Nutrien upgraded to Outperform at BMO Capital on portfolio advantages
As reported earlier, BMO Capital analyst Joel Jackson upgraded Nutrien to Outperform from Sector Perform while keeping his $55 price target. The analyst is positive on the Fertilizer sector as an "attractive shelter in broader materials space", having "lower economic sensitivity" and little likelihood of crop prices falling below challenged multi-year ranges. Jackson adds that Nutrien stands out in the group given its "safer diversified portfolio, stable Canadian investor base, lower commodity price sensitivity, strong balance sheet, and large amount of capital to redeploy."
01/08/19
BMOC
01/08/19
UPGRADE
BMOC
Outperform
Nutrien upgraded to Outperform from Market Perform at BMO Capital
12/13/18
JPMS
12/13/18
INITIATION
Target $50
JPMS
Neutral
Nutrien initiated with a Neutral at JPMorgan
JPMorgan analyst Jeffrey Zekauskas started Nutrien with a Neutral rating and $50 price target. The analyst does not think Nutrien "is available at bargain prices" and points out that grain fundamentals are challenging.
IPI Intrepid Potash
$3.69

-0.185 (-4.77%)

05/09/18
SPHN
05/09/18
UPGRADE
SPHN
Overweight
Intrepid Potash upgraded to Overweight from Equal Weight at Stephens
08/29/18
SPHN
08/29/18
NO CHANGE
SPHN
Overweight
India potash contract price suggests tight market, says Stephens
Stephens analyst Mark Connelly noted that India's largest potash importers reportedly signed a new supply contract at a price of $290/mt, which represents a $50/mt increase from the current price and is about $20 higher than his forecast. The direct impact to Nutrien (NTR), Mosaic (MOS) and Intrepid Potash (IPI) is modest given that India volume is relatively small for Canpotex, but the deal suggests a tight potash market and implies that settlement with China is imminent and will be higher, Connelly tells investors. He remains bullish on all three potash stocks mentioned and keeps Overweight ratings on them all.
06/20/18
SPHN
06/20/18
NO CHANGE
SPHN
Agriculture has faster rebound potential than rest of materials, says Stephens
Stephens analyst Mark Connelly noted that the entire materials sector, including agriculture inputs, has been pressured by the escalation of trade tension. However, he thinks the ag sector has the potential for a faster rebound given his view that food price inflation is "among the most politically dangerous issues that government's face" and the fact that China cannot fill its soybeans needs without U.S. imports. Ag stocks Connelly mentions include Nutrien (NTR), Mosaic (MOS), FMC Corporation (FMC), DowDuPont (DWDP), CF Industries (CF), Intrepid Potash (IPI) and Compass Minerals (CMP).
05/09/18
SPHN
05/09/18
UPGRADE
Target $5
SPHN
Overweight
Intrepid Potash upgraded to Overweight with $5 target at Stephens
Stephens analyst Mark Connelly upgraded Intrepid Potash to Overweight from Equal Weight with a $5 price target. Potash markets have improved in each of the past two seasons, which indicates the worst is behind the company in terms of pricing, Connelly tells investors in a research note. He believes an improving grain price outlook, better inventory and "solid" water and byproduct results should continue to improve Intrepid's free cash flow.
UAN CVR Partners
$4.09

-0.14 (-3.31%)

MOS Mosaic
$26.84

-1.44 (-5.09%)

12/12/18
12/12/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. eBay (EBAY) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Brian Nowak saying he had been wrong in his prior view about how quickly core marketplaces would deteriorate. 2. Bank of America (BAC) and Morgan Stanley (MS) were downgraded to Market Perform from Outperform at Keefe Bruyette. 3. Mosaic (MOS) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying there are signs of increased phosphate exports from China, which have the potential to loosen the supply/demand balance in phosphate in 2019, leading to a weaker phosphate price dynamic. 4. Verizon (VZ) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Simon Flannery saying he contends that the stock's 11% year-to-date advance prices in the company's good news, including its $4B free cash flow improvement this year. 5. Fluor (FLR) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Jerry Revich saying Fluor management noted that it was underbid on a major U.S. liquefied natural gas project that the analyst expected to be a catalyst in 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/22/19
CLVD
02/22/19
DOWNGRADE
CLVD
Neutral
Mosaic downgraded to Neutral from Buy at Cleveland Research
Cleveland Research downgraded Mosaic to Neutral from Buy citing a weaker phosphate outlook.
12/12/18
JPMS
12/12/18
DOWNGRADE
Target $33
JPMS
Neutral
JPMorgan downgrades Mosaic to Neutral on China phosphate risk
JPMorgan analyst Jeffrey Zekauskas downgraded Mosaic to Neutral from Overweight and lowered his price target for the shares to $33 from $38. There are signs of increased phosphate exports from China, which have the potential to loosen the supply/demand balance in phosphate in 2019, leading to a weaker phosphate price dynamic, Zekauskas tells investors in a research note. The analyst believes the possibility of increased China phosphate exports would also lead to some compression in the Mosaic trading multiple. The risk/reward balance in the shares appears to be moving in the direction of greater risk, says the analyst.

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Navidea

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ERIC

Ericsson

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0.1 (1.09%)

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GLD

SPDR Gold Shares

$137.59

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PICO

PICO Holdings

$10.81

0.31 (2.95%)

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QHC

Quorum Health

$0.95

0.0522 (5.81%)

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SPRT

Support.com

$1.94

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BXRX

Baudax Bio

$6.69

0.34 (5.35%)

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LMT

Lockheed Martin

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ENV

Envestnet

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NOC

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MGTA

Magenta Therapeutics

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IMH

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ATAX

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PNM

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