UPDATE: J.P. Morgan Downgrades CF Industries Holdings to Neutral

J.P. Morgan is out with its report today on CF Industries Holdings CF, downgrading CF to Neutral from Overweight. In its report, J.P. Morgan writes, "We lowered our investment rating for CF Industries from Overweight to Neutral. We believe that there is likely to be more risk in owning agricultural shares because of prospects for slower global growth. Fertilizer companies are risk assets and can prove volatile when the general market appetite for risk diminishes." J.P. Morgan maintains a $170 PT on CF. At the time of posting, shares of CF were trading pre-market at $163.11, down 0.66% from Thursday's close.