UPDATE: Credit Suisse Initiates Coverage on Rentech Nitrogen Partners LP with Neutral Rating, $27 PT on Lack of Positive Pricing Momentum

In a report published Tuesday, Credit Suisse analyst Christopher S. Parkinson initiated coverage on

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.