高盛表示，Nutrien金融最近的趋势令人担忧。该行表示：“虽然过去几个季度的销售额同比下降，但应收账款余额实际上有所增加。这意味着贷款活动实际上已经加速，该公司在其客户群中增加了贷款的渗透率，为投入采购提供资金。”Goldman Sachs downgraded its investment rating for Nutrien, the world's largest fertilizer producer, from “buy” to “neutral,” and lowered its target price for the stock from $69 to $53.
The Zhitong Finance App learned that Goldman Sachs downgraded its investment rating for Nutrien (NTR.US), the world's largest fertilizer producer, from “buy” to “neutral,” and lowered its target price for the stock from $69 to $53. Goldman Sachs pointed out that the risk faced by the fertilizer giant has increased due to the likely increase in bad debt expenses in the loan sector.
Goldman Sachs analyst Adam Samuelson said in a report: “Based on the results for the second quarter of 2024, Nutrien reports a marked increase in debt arrears, but bad debt expenses and reserve balances have declined compared to the same period last year.” “With the recent drop in crop sales prices and pressure on farmers' incomes, it is not surprising that farmers' credit conditions have deteriorated.”
Goldman Sachs said recent trends in Nutrien Finance are worrying. The bank said, “Although sales declined year over year over the past few quarters, accounts receivable balances actually increased. This means that loan activity has actually accelerated, and the company has increased loan penetration among its customer base to finance investment purchases.”
