UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Rentech Nitrogen Partners LP on Model Revisions

In a report published Wednesday, Credit Suisse analyst Christopher S. Parkinson reiterated a Neutral rating on

, but lowered the price target from $20.00 to $16.00. In the report, Credit Suisse noted, “We have updated our model to reflect current fertilizer prices and a revised outlook for 2015. Overall, we believe 2015 should reflect a return to fundamentals following the write-downs at Pasadena and lower yr/yr prices across RNF's main products. Although we expect ammonia prices to fall from the peak in 4Q14, stability in pricing should help the company better manage their inputs at Pasadena while realizing strong pricing in the corn belt at East Dubuque. Based on model adjustments, we are lowering our 4Q14 DPU to $0.25 (from $0.51) and our 2015 DPU to $1.68 (from $1.86). We are also lowering our target price to $16 (from $20) as RNF further evaluates options at Pasadena.” Rentech Nitrogen Partners LP closed on Tuesday at $11.68.