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Fly News Breaks for March 2, 2020
Mar 2, 2020 | 06:30 EDT
Bernstein analyst Jonas Oxgaard upgrades Nutrien (NTR) to Outperform from Market Perform while lowering his price target to $52 from $53, saying the stock is now undervalued following the sell-off over the past 2 weeks, even though he believes that agriculture should be "relatively insulated" from coronavirus. The analyst states that even in China, farmers will get support to continue to grow food, adding that consensus remains too bearish on potash which he expects to recover this year. Oxgaard is also upgrading CF Industries (CF) to Market Perform with a price target of $35 and sees the stock as fairly valued after the recent pullback, stating that his bearish thesis on the name has now played out. The analyst further notes that he is positive on Outperform-rated Mosaic (MOS) and Corteva (CTVA) with ag chemical stocks seen as insulated from coronavirus impact.