Mizuho analyst Edlain Rodriguez has turned bearish on fertilizer producer CF Industries Holdings Inc, suggesting its rally has run its course. The stock came under pressure during early Wednesday trading following the downgrade.

Since the outbreak of conflict involving Iran, shares of CF Industries have surged dramatically. The stock soared 23.9% in March, making it the best-performing stock in the S&P 500 index for the month. The sharp rise is attributed to the Middle East's significant role in global fertilizer exports, accounting for approximately 40% of the total—a share even larger than that of crude oil. As a result, since the conflict began, urea fertilizer prices have risen more rapidly than oil prices.