Nutrien's Valuation Prompts Downgrade from National Bank of Canada
Dow Jones
Yesterday
1140 ET - After a strong summer rally, potash producer Nutrien has now closed a valuation discount gap, says National Bank of Canada's Ahmed Abdullah, prompting the firm to cut its rating to sector perform from outperform. Nutrien is up more than 10% since Abdullah initiated coverage back on July 12. While a modestly higher multiple is warranted, he says, "the revision reflects more of peer multiple dynamics and not earnings changes at this juncture." Even with the downgrade, Abdullah raises the target price to $77 from $74. Nutrien is off 2.7% lower at $72.31.
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