The Globe and Mail reports in its Friday, Sept. 5, edition that National Bank Financial analyst Michael Doumet rates Nutrien "sector perform" in new coverage. The Globe's David Leeder writes in the Eye On Equities column that Mr. Doumet set a share target of $64 (all figures U.S.). Analysts on average target the shares at $66.18. Mr. Doumet says in a note: "The following would get us more bullish on Nutrien: (i) sufficient debt paydown to more fully unlock countercyclical optionality, (ii) enhanced visibility into more consistent/faster Retail growth and (iii) structurally higher fertilizer prices. On [nitrogen, phosphate and potash] prices, we think risks to current prices are balanced (if not skewed to downside). On retail, while we believe it should command a premium multiple, we question whether it is performing well enough (yet) to aid in a broader rerate. And regarding balance sheet optionality, we view Nutrien's net leverage as moderately elevated, such that we think debt repayments may absorb a decent portion of its excess FCF (we think over $2-billion) in the next few years (beyond the dividend and the ratable buybacks) and limit optionality (i.e. a material increase in buybacks through downturns)."