Nutrien ( (TSE:NTR) ) is experiencing volatility. Read on for a possible explanation for the stock’s unusual movement.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Nutrien shares climbed after global fertilizer supplies tightened due to the closure of the Strait of Hormuz and production halts in the Middle East, which pushed domestic spot prices higher ahead of the spring season. The supply squeeze has made Nutrien’s products more valuable and boosted investor expectations for future earnings.
In response to these improving market conditions, Jefferies raised its outlook on the stock and now recommends buying Nutrien. The firm also lifted its price target to $96, reflecting greater confidence in the company’s profit potential as fertilizer prices rise.
More about Nutrien
YTD Price Performance: 28.50%
Average Trading Volume: 3,137,778
Technical Sentiment Signal: Buy
Current Market Cap: $38.15B
For further insights into NTR stock on TipRanks’ Stock Analysis page.
See more of today’s top stock gainers and losers.