KeyBanc Starts CF Industries (CF) at Underweight
KeyBanc analyst Salvator Tiano initiates coverage on CF Industries (NYSE: CF) with a Underweight rating and a price target of $115.00.
The analyst comments "Initiating Coverage on CF at UW with a $115 Downside PT. We expect both nitrogen prices and CF’s earnings to decline considerably in the next two years as the tailwinds from the Iran war fizzle and new supply, especially for ammonia, enters the market. We forecast that EBITDA will reset significantly lower in 2027-2028 to ~$2.5B-$2.7B – a figure that takes into account the improvement in ag fundamentals. Shares are expected to remain volatile near term driven by geopolitical events, but given the recent spike in the stock price (+20% in a month since 8/11/26 vs. -1% for the S&P 500) and the disparate earnings outlook vs. other fertilizer/ag input companies, we believe an UW rating is appropriate at this time."
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Shares of CF Industries closed at $138.11 yesterday.