Oppenheimer downgrades CF Industries on tariff uncertainty

Oppenheimer analyst Kristen Owen downgraded CF Industries (CF) to Perform from Outperform without a price target CF has a limited direct impact on its supply chain from the current tariff structure, but the indirect impacts are more difficult to gauge amid knock-on effects of retaliatory tariffs on grain demand, energy prices, and fertilizer prices, the analyst tells investors in a research note. The firm believes the company’s 40% equity ownership of the greenfield joint venture with Jera and Mitsu represents a “more palatable capital contribution than feared,” but adds investor appetite for the greenfield low-carbon ammonia plant has waned amid project cost increases and tariff uncertainty. Given the current macro backdrop, Oppenheimer believes investors are likely approaching CF’s blue ammonia facility with “trepidation.” As such, it thinks the stock is entering a range-bound period.