Raymond James upgrades Nutrien on improving crop fundamentals

Raymond James upgraded Nutrien (NTR) to Outperform from Market Perform with a price target of $90, up from $74. The firm is seeing early signs of improving crop price fundamentals. Nutrien is positioned to benefit from rising fertilizer prices, including recent “fly-ups” in nitrogen and Phosphate stemming from the Iran war, the analyst tells investors in a research note. Raymond James says that while rising input costs and “strained” grower affordability are near-term headwinds for Nutrien, the company will post higher earnings and free cash flow.