Nutrien upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Nutrien (NTR) to Overweight from Neutral with a price target of $68, up from $56. The firm says it would rather own fertilizer companies today than petrochemical companies, saying the latter face oversupply conditions with shrinking spreads due to weakening oil prices and large capacity additions. The fertilizer markets are seeing low inventories, tight supply/demand balances, and good multi-year prospects with moderate capacity increases, the analyst tells investors in a research note. It believes the recent selloff provides an opportunity to Nutrien shares.