Nutrien downgraded to Sell from Neutral at UBS

UBS downgraded Nutrien (NTR) to Sell from Neutral with a price target of $67, up from $63. The firm says the stock’s risk/reward is now skewed to the downside. Nutrien’s 19% rally year-to-date incorporates a more positive view of potash market fundamentals that doesn’t recognize supply/pricing pressure to come later in the decade, the analyst tells investors in a research note. UBS thinks potash pricing declines from Q2 will keep 2026 pricing flat versus the consensus expectation of year-over-year increases.