The Globe and Mail reports in its Tuesday, Jan. 16, edition that Raymond James analyst Steve Hansen has downgraded Nutrien to "market perform" from "outperform." The Globe's David Leeder writes that Mr. Hansen slashed his share target by $15 to $65 (all figures U.S.). Analysts on average target the shares at $71.94. The Globe says Mr. Hansen sees "protracted pressure" on potash prices. Mr. Hansen says in a note: "While global potash prices found support last year after a sharp/extended slide, subsequent attempts to rally have largely fizzled in response to a bevvy of supply-related headwinds -- many which are now expected to carry into 2024 (and likely beyond), ultimately translating into a more muted pricing outlook than previously anticipated." Mr. Hansen points to several factors, including: a quicker-than-anticipated return of exports from Belarus and Russia to prewar levels; Laos as a "rapidly scaling" source of new supply; an outsized buildup of inventories in China recently; and the potential for potash market to become "increasingly oversupplied into the latter half of the decade." The Globe reported on May 12 that Mr. Hansen had hiked Nutrien to "outperform" from "market perform." It was then worth $68.