UBS Reiterates Buy on CF Industries (CF) After Meeting with Management
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UBS reiterated a Buy rating and $28.00 price target on CF Industries (NYSE: CF) after meeting with management.
Analyst John Roberts commented, "1) Customers are cautious due to lackluster crop prices and are focused on just-in-time inventories; and along with new capacity coming online, the nitrogen market should remain challenged throughout 2017; 2) NOLA urea prices fell to $165/ton earlier in the year and even at current ~$180/ton level, management believes that prices are significantly below what the economics would indicate; 3) A significant portion of global urea capacity is at or below cost; 4) Low-cost position and scale position CF well for a recovery in 2018 forward as new capacity additions are limited; 5) Management reiterated is capital allocation discipline and believes maintaining investment grade status provides long-term flexibility."
Shares of CF Industries closed at $24.02 yesterday.
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