CF Industries (CF) PT Lowered to $80 at Mizuho Securities

Mizuho Securities analyst Edlain Rodrigues lowered the price target on CF Industries (NYSE: CF) to $80.00 (from $81.00) while maintaining a Neutral rating.

The analyst comments "We expect CF to report 4Q EBITDA/EPS of $687M/$1.69, vs Bloomberg consensus of $619M/$1.62. The company should benefit from higher nitrogen prices earlier in the quarter. Looking ahead, nitrogen prices have started to soften due to lower TTF natural gas costs in Europe as well as subdued demand in Brazil due to weather. We continue to believe downward pressure in crop prices will make it challenging for fertilizer prices to move higher in 2024. We trim our 20204E EBITDA/EPS to $2.56B/$6.20 from $2.63B/$6.55 (vs consensus of $2.54B/$6.68), and our price target to $80 from $81, on reduced earnings."

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