The Globe and Mail reported on Friday, May 12, edition that Raymond James analyst Steve Hansen has raised his recommendation for Nutrien to "outperform" from "market perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hansen continues to target the shares at $85 (U.S.). Analysts on average target the shares at $90.20 (U.S.). Mr. Hansen says in a note: "We are upgrading our rating on Nutrien based upon increased signs of: 1) farmer engagement/procurement after a lengthy period of dormancy; 2) depleting NPK inventories across key channels; 3) gradual stabilization in key price benchmarks; and 4) most recently, a widespread flush of Street/investor expectations following Nutrien's 1Q23 print. While still too early to 'call the bottom' on this geopolitically-entangled, weather-amplified cycle, we feel that the recent pullback in Nutrien shares provides an attractive entry point for long-term investors." The Globe reported on April 14 that RBC Dominion Securities analyst Andrew Wong had reaffirmed his "outperform" recommendation for Nutrien when it was going for $72.93 (U.S.).