Citi analyst Sebastian Satz downgraded Yara (YARIY) to Neutral from Buy with a price target of NOK 530, up from NOK 430. With nitrogen fertilizer markets more disrupted than natural gas, the firm still views Yara as “an attractive hedge against a potentially prolonged closure of the Strait of Hormuz,” but the firm does not see material upside to consensus forecasts and notes that fertilizer prices already have started to roll-over in certain regions.
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