CF Industries Earnings: Lower Nitrogen Prices Weigh on Profits
CF Industries' third-quarter results reflected lower nitrogen prices, where spot prices generally bottomed out near the beginning of the quarter, before slightly rising during the quarter. However, we had expected the lower results given our forecast for lower nitrogen prices. With our near- and long-term nitrogen price forecast unchanged, we maintain our $85 per share fair value estimate for CF Industries. Our no-moat rating is also unchanged.