BofA analyst Steve Byrne downgraded CF Industries (CF) to Underperform from Neutral with a price target of $82, down from $93. The firm believes the nitrogen market is becoming increasingly competitive. Several ammonia projects are in the pipeline and will make their way into merchant markets, such as fertilizer, the analyst tells investors in a research note. BofA sees risk of 12M tonnes of new ammonia supply coming online by 2029 and expecst ammonia deflation will be a headwind to urea players like CF.
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