Nutrien initiated with a Sell at Goldman Sachs

Goldman Sachs analyst Duffy Fischer initiated coverage of Nutrien (NTR) with a Sell rating and $53 price target implying 4% upside. The shares will underperform peers due to its leverage to potash, which has the least favorable supple/demand outlook of the three fertilizer nutrients, the analyst tells investors in a research note. The firm says a non-incumbent producer, BHP, is coming to the market by building the biggest new potash mine in many years.