January 5, 2018 / 2:18 PM / a year ago

BUZZ-Nutrien Ltd: Multiple brokerages start coverage

** Atleast 3 brokerages assume coverage of fertilizer producer Nutrien Ltd , formed earlier this week by a merger of Potash Corp of Saskatchewan and Agrium

** Credit Suisse starts with “neutral” on PT of $53, says it has confidence in NTR’s ability to execute $500 mln in cost-savings in next 2 yrs, but believes fertilizer profit expectations are well ahead of reality

** Raymond James initiates with “market perform” on $60 PT; expects NTR to immediately pursue cost-savings and monetize about $4.5 bln of equity holdings

** Says proceeds will open the door to debt reduction, stock buybacks as well as increased retail M&A

** BofA Merrill starts with “underperform” on fair value of $60

** Currently, 8 brokerages cover NTR’s Toronto stock, with 5 recommending “buy” or higher, 2 “hold” and 1 “sell” (Reporting by John Benny)

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