The Globe and Mail reports in its Thursday, Jan. 11, edition that RBC Dominion Securities analyst Andrew Wong believes Nutrien is "undervalued." The Globe's David Leeder writes in the Eye On Equities column that Mr. Wong continues to rate Nutrien "outperform." Mr. Wong gave his share target a $5 trim to $75 (all figures U.S.). Analysts on average target the shares at $72.19. While Mr. Wong thinks fundamentals for fertilizer markets remain "favourable" heading into 2024, he sees them as "likely less exciting than in the past two years, as the market normalizes after the impacts from the Russia/Ukraine war." Mr. Wong says in a note: "If we assumed a 10 to 11 times multiple on retail in-line with the average for ag and distribution peers, current Nutrien valuation implies a four to five times multiple on the fertilizer segments. We think Nutrien's valuation multiple may have been negatively impacted by earnings and market volatility through 2022/2023 along with investor concerns regarding previous plans for investment spending. We believe the valuation multiple could recover with more stable market conditions, recovery in Retail, and a renewed focus on cash generation."