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Citigroup lowers its rating on CF Industries Holdings
CF to Neutral from Buy on limited upside to shares. Price target is at $194 per share.
Citigroup notes, "Now that CF has locked in 65% of its gas needs we see less benefit from cheaper feedstocks, although hedging adds visibility. Additionally, while urea markets are firming into the spring, our channel checks suggest that risk-adverse dealers may not rush to restock this summer. Given the ~30% price increase in CF shares YTD, we see limited near-term upside."
CF closed at $188.25 on Friday.
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