Newspaper article The Canadian Press

Newly Formed Fertilizer Giant Nutrien Rises after Analysts Publish High Ratings

Newspaper article The Canadian Press

Newly Formed Fertilizer Giant Nutrien Rises after Analysts Publish High Ratings

Article excerpt

Nutrien stock rises on analysts' praise

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CALGARY - Shares in newly formed Canadian fertilizer giant Nutrien Ltd. rose on its second day of trading Wednesday after CIBC assigned it an "outperformer" rating and set a 12-month price target of US$62.

The bank, which had been restricted from comment because it had acted as an adviser to Agrium Inc. leading up to its merger with Potash Corp. of Saskatchewan Inc., said in a report from analyst Jacob Bout that Nutrien (TSX:NTR) has likely been "sandbagging" its estimate of US$500 million in cost-saving synergies from the deal.

The research note says there are possibly US$100 million in incremental savings that will be realized if the new company doubles its retail footprint -- growing to grab a third of the U. …

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