IPL – Credit Suisse rates the stock as Downgrade to Neutral

Fertiliser prices are strengthening and even with a weaker USD, have created a stronger near-term outlook for Incitec Pivot, suggests Credit Suisse.

The broker has upgraded its FY21 forecasts while downgrading its FY22 forecast figures due to AUD/USD currency assumptions. With robust demand and moderate supply additions, the broker expects a more favourable backdrop for fertilisers in 2021.

While constructive on the near-term outlook, Credit Suisse reduces its rating to Neutral from Outperform led by the recent share price strength. Target rises to $2.73 from $2.70.

Sector: Materials.

 

Target price is $2.73.Current Price is $2.73. Difference: $0.00 – (brackets indicate current price is over target). If IPL meets the Credit Suisse target it will return approximately 0% (excluding dividends, fees and charges – negative figures indicate an expected loss).

 

 

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