UPDATE: JPMorgan Upgrades Nutrien (NTR) to Overweight

(updating comment)

JPMorgan analyst Jeffrey Zekaukas upgraded Nutrien (NYSE: NTR) from Neutral to Overweight with a price target of $44.00 (from $42.00).

The analyst comments "We believe investors are likely to gravitate to equity investments with above-average dividend yields given that the 10-year Treasury yield is now at 1.13%. Nutrien’s dividend yield is 4.5%. We think that the stability of agricultural demand and overall financial return will prove alluring to investors in an uncertain global industrial demand environment affected by COVID-19. We think investors are also likely to be attracted to companies with a large US presence and with large dollar-denominated revenues to avoid negative currency translation effects. We think that Nutrien’s large retail business is well positioned for 2020 given likely increases in planted acres in corn and soy. Nitrogen pricing values are always a question mark for the North American planting season, but it is not out of the question that agricultural values could benefit from the effects of possible nitrogen fertilizer shipment disruptions from China."

For an analyst ratings summary and ratings history on Nutrien click here. For more ratings news on Nutrien click here.

Shares of Nutrien closed at $40.43 yesterday.

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