Jefferies analyst Laurence Alexander downgraded Nutrien (NTR) to Hold from Buy with a price target of $66, up from $63. The firm says the shares have benefited year-to-date from multiple disruptions in fertilizer supply. Nutrien’s positive earnings momentum in the near-term now appears discounted in the shares, while consensus revisions are likely to peak by mid-2026, the analyst tells investors in a research note. By 2027, Jefferies expect the focus to shift to “supply shocks” for nitrogen and potash and margin pressure for nitrogen, creating “risks on the horizon” for Nutrien.
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