(News Bulletin 247) – Stifel downgrades its recommendation on K+S from ‘buy’ to ‘hold’ with a price target reduced from 26 to 22 euros, even if it believes that the price of the new Indian contract brings clarity for the coming season at current prices.
He points out that this contract only lasts until September and that the new price will have to be set during the low seasonal period, which suggests a further drop in price for the fertilizer producer.
The broker specifies that its average potassium price assumption for K+S is down 28% in annual comparison, while the German group’s objectives are only based on a decline of around 20%.
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