Loan loss provision may rise, Goldman downgrades Nutrien(NTR.US) to "Neutral"
Written byAInvest Visual
Wednesday, Sep 11, 2024 2:50 am ET1min read
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Goldman downgraded its rating on Nutrien (NTR.US) from "Buy" to "Neutral" and cut its target price to $53 from $69, noting increased risk for the fertilizer giant due to potential higher loan loss expenses. The firm said Nutrien's financial recent trends are worrisome. Goldman said: "While sales have declined year-on-year in the past few quarters, the receivable balance has actually increased. This means loan activity has actually accelerated, and the company has increased loan penetration in its customer base to fund input purchases."
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