** Piper Sandler reduces PT on agricultural commodities traders to reflect market uncertainty tied to potential tariffs and trade retaliation
** Brokerage says key risk is largely macro related and would be tied to the possibility of retaliatory tariff on U.S. agricultural products, especially from China
** Adds that another risk would be large corn and soybean crop in U.S. and/or Brazil, which would reduce grain prices and fertilizer affordability
** Expects sizable gain in U.S. corn planting in near-term to between 93 mln and 95 mln acres, increase of between 2.5% and 10.5% on prior planting level
** "This would clearly imply a substantive increase in nutrient demand, especially for nitrogen products like ammonia, urea," brokerage says
Brokerage cuts price target on the following firms:
Company | New PT | Old PT | Upside/downside to stock's last close |
CF Industries CF.N | $110 | $115 | 43.5% |
Mosaic MOS.N | $30 | $33 | 10.6% |
LSB Industries LXU.N | $10 | $12.25 | 46.4% |
Nutrien NTR.TO | $60 | $63 | 16.8% |
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com;))
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