CF Industries Holdings: Hold Rating Amid Adjusted EPS Forecasts and Market ChallengesWe update our estimates for CF Industries (CF) ahead of 3Q25 reporting. 3Q25 EPS is revised from $1.93 to $1.99 (vs. $2.07 consensus), 2025 is revised from $8.34 to $8.68 (vs. $8.35 consensus), 2026 is revised from $6.55 to $6.46 (vs. $6.85 consensus), and 2027 is revised from $4.89 to $4.72 (vs. $6.61 consensus). 3Q25 EBITDA is revised from $632M to $646M (vs. $676M consensus), 2025 EBITDA is revised from $2,706M to $2,778M (vs. $2,754M consensus), 2026 EBITDA is revised from $2,264M to $2,321M (vs. $2,419M consensus), and 2027 EBITDA is revised from $1,888M to $1,930M (vs. $2,311M consensus).