UBS on Thursday maintained its neutral rating on the shares of Nutrien (NTR.TO, NTR) while raising its price target to US$56.00 from US$52.00 following first-quarter results from company.

"NTR 1Q results were slightly above our expectations but came in 10% below cons. With the stock up 19% in the past month and our updated 2Q/2025 EBITDA +2%/-2% vs. cons. we're not sure this will be enough tomorrow. The beat vs. UBSe was mostly driven by higher Retail EBITDA and mixed segment performance (higher K, lower N&P). Potash sales volumes were slightly weaker than we expected in the quarter, but pricing realization beat our est's. Potash pricing has improved sequentially over 2025 to date and peer MOS expects no/modest seasonal reset in 3Q, which would drive a more positive 2H setup if it eventuates. NTR held 2025 potash shipment guidance at 14mmts (~19-20% share of ~73mmts shipments) compared with peer MOS who lifted production vols on a more bullish 2H outlook. Despite the near term pricing strength, we believe the potash market remains well supplied on an annual basis through later in the decade. We do expect a reset post the peak NA seasonal period, but acknowledge some upside risk here depending on supply outcomes (Belarus/Russia/Laos)," 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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