Barclays upgrades CF Industries, Corteva on strong results, LatAm growth potential

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Barclays analyst Benjamin Theurer on Wednesday upgraded CF Industries (NYSE:CF [https://seekingalpha.com/symbol/CF]) and Corteva (NYSE:CTVA [https://seekingalpha.com/symbol/CTVA]) to Overweight from Equal Weight following solid second-quarter results and improved outlooks, particularly in Latin America.

For CF Industries (NYSE:CF [https://seekingalpha.com/symbol/CF]), Theurer cited favorable market fundamentals, the start-up of low-carbon ammonia production, and continued share buybacks as key drivers, raising the firm’s 2026 adjusted earnings before interest, taxes, depreciation and amortization forecast by nearly 10%. The price target was lifted to $100 from $95.

Corteva’s (NYSE:CTVA [https://seekingalpha.com/symbol/CTVA]) upgrade comes after a quarterly beat driven by expanded U.S. corn acreage, strong technology adoption and cost savings. Theurer said he expects mid-single-digit seed price growth in Latin America and ongoing innovation in crop protection to boost profitability, raising the price target to $84 from $75.

Barclays maintained Overweight ratings on FMC (FMC [https://seekingalpha.com/symbol/FMC]), Mosaic (MOS [https://seekingalpha.com/symbol/MOS]) and Nutrien (NTR [https://seekingalpha.com/symbol/NTR]). FMC (FMC [https://seekingalpha.com/symbol/FMC]) is seen as undervalued at roughly 9 times enterprise value to ebitda, with growth expected from Brazil and EMEA, while Mosaic’s (MOS [https://seekingalpha.com/symbol/MOS]) margin improvement and strong fertilizer sales support an unchanged $46 target. Nutrien (NTR [https://seekingalpha.com/symbol/NTR]) is benefiting from record potash volumes and robust nitrogen margins, with a price target held at $64.

Phosphate demand remains a point of debate, but Theurer said fundamentals in potash and nitrogen are strong, with limited signs of demand destruction and pricing expected to hold near current levels.

MORE ON CF INDUSTRIES

* CF Industries Holdings, Inc.(CF) Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4810621-cf-industries-holdings-inc-cf-q2-2025-earnings-call-transcript]
* CF Industries Holdings, Inc. 2025 Q2 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4810428-cf-industries-holdings-inc-2025-q2-results-earnings-call-presentation]
* CF Industries: Strategic Capex Spending Leads Gross Margin Gains [https://seekingalpha.com/article/4802904-cf-industries-strategic-capex-spending-leads-gross-margin-gains]
* CF Industries outlines $3B EBITDA target by 2030 while advancing Blue Point and carbon capture projects [https://seekingalpha.com/news/4481972-cf-industries-outlines-3b-ebitda-target-by-2030-while-advancing-blue-point-and-carbon-capture]
* CF Industries Q2 2025 Earnings Preview [https://seekingalpha.com/news/4478704-cf-industries-q2-2025-earnings-preview]