Scotia Capital Has Sector Outperform On CF Industries

Scotia Capital is out with a research report on CF Industries CF and it has a Sector Outperform rating and a $170 price target. In a note to clients, Scotia Capital writes, "The quarter. Despite a late spring planting that reduced ammonia and urea sales volumes by 20% and 6% YOY, respectively, strong nitrogen and phosphate pricing, coupled with flat natural gas costs and an uptick in UAN volumes more than offset. CF's gross margin came in at 48%, up from 30% last year, and 45% one quarter ago." Shares of CF closed at $146.66 on Friday.