Oppenheimer on Tuesday initiated coverage of Nutrien (NTR.TO, NTR) with an outperform rating and US$60.00 price target.

"We are initiating coverage on shares of Nutrien with an Outperform rating and a $60 price target. Nutrien is the world's largest fertilizer producer and, through its Ag Solutions business, the world's largest ag retailer. Nutrien's differentiation stems from its vertical integration (upstream production, midstream logistics, and downstream retail), with retail providing critical on-the-ground intel and the greatest opportunity for reducing cash generation variability across the cycle. While believing that 2025 farm fundamentals remain challenging, we see potash supply/demand

trends broadly returning to a state of balance as the cost of incremental capacity remains elevated. Our $60 price target aassumes EBITDA growth in line with NTR's outlook and a mid-cycle 7.0x multiple," the investment bank noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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