UPDATE: BMO Capital Markets Lowers PT on CF Industries Ahead of Expected Q2 Miss

In a report published Friday, BMO Capital Markets analyst Joel Jackson reiterated a Market Perform rating on CF Industries CF, but lowered the price target from $200.00 to $190.00.

In the report, BMO Capital Markets noted, “CF remains rated Market Perform, but we lower our target price to $190 from $200. After a violent collapse, global nitrogen prices have finally hit and edged up off bottoms, and though prices could languish for months under massive Chinese urea export potential, the optics look a little better. Although CF does not appear expensive on consensus earnings multiples, we believe 2013 consensus earnings need to lower meaningfully, though CF's share repurchase potential and history continue to provide support. Among nitrogen-heavy names, we currently prefer YAR to CF due to YAR's dividend yield, and YAR is the only name in our coverage in which we deem 2014 consensus estimates too low, and 2013 consensus achievable.”

CF Industries closed on Thursday at $187.55.