RBC Capital analysts provided their outlook on Nutrien (NYSE:NTR), expecting a weak Q1 (scheduled on May 10) and 2023 downward guidance revisions, reflecting a slow start to 2023. RBC Capital estimates quarterly EBITDA of $1.6 billion, compared to the Street estimate of $1.7 billion.
Demand was slower than expected through Q1, despite favorable ag/fertilizer fundamentals, resulting in continued price declines and slow sales. Nitrogen performed worse than anticipated, and there was also a decline in potash.
The analysts lowered their 2023 and 2024 EBITDA estimates to $8.1 billion and $7.9 billion, from $9.0 billion and $8.7 billion, and cut their price target to $100 from $110.