UPDATE: Credit Suisse Initiates Coverage on Rentech Nitrogen Partners LP on Lack of Positive Pricing Momentum
In a report published Tuesday, Credit Suisse analyst Christopher S. Parkinson initiated coverage on Rentech Nitrogen Partners LP (NYSE: RNF) with a Neutral rating and $27.00 price target.
In the report, Credit Suisse noted, “We are initiating coverage on RNF with a neutral rating and a $27 target price. The key reason for our Neutral rating is a lack of positive nitrogen pricing momentum. We believe urea and UAN prices are bottoming. Three catalysts we prefer to wait for before becoming more constructive on the name include: (1) greater visibility on incremental growth initiatives, (2) evidence of sustainable pricing momentum, and (3) the potential for additional accretive M&A activity.”
Rentech Nitrogen Partners LP closed on Monday at $24.52.
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