UBS analyst Lucas Beaumont downgraded Nutrien (NYSE: NTR) from Neutral to Sell with a price target of $67.00 (from $63.00).

The analyst comments: "We downgrade NTR to Sell from Neutral and now see risk/reward skewed to the downside. NTR stock is up ~19% YTD and ~35% over the past year. We believe this has run ahead of 1) the improvement in nitrogen market fundamentals driven by the Middle East disruption, and 2) incorporates a more positive view of potash market fundamentals that doesn't recognise supply/pricing pressure to come later in the decade.

We think potash pricing declines from 2Q26 keeping 2026 pricing flat (vs. cons. expected Y/Y increases). We expect this coupled with a lower magnitude and/or shorter disruption to global nitrogen markets than implied by the current shares trading to be a negative catalyst for the stock. Our updated 2026/27/28 EBITDA est's are +22%/+5%/-4% vs. near term cons. est's that we don't see as meaningful in the current environment."

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 $76.62 yesterday.