BUZZ — Jefferies lifts Nutrien PT, cites stronger fertilizer fundamentals

* Jefferies raises price target for US-listed shares of Canadian agrichemicals company Nutrien, to $71 from $63 * Cites NTR's potential to benefit from a rebound in agricultural prices driven by demographic trends and biofuel demand, as well as stronger fertilizer demand amid water scarcity and limited arable land * New PT represents an upside of 5.2% to the stock's last close on Friday * Jefferies expects potash markets to remain supported by strong offshore demand and higher prices, while fertilizer prices stay elevated due to higher input costs, supply constraints and Middle East tensions * "NTR's Trinidad nitrogen (operations) closure likely improves free cash flow, while ongoing portfolio reviews likely support deleveraging, buybacks, and higher-return growth opportunities," Jefferies adds * However, it expects near-term nitrogen earnings to face pressure from lower volumes and higher costs * 14 out of 24 brokerages rate the stock "buy" or higher, 7 "hold" and 3 "sell"; their median PT is $79.80 - data compiled * Including session's moves, NTR up 9.9% YTD (Reporting by Sumit Saha in Bengaluru) ((Sumit.Saha@thomsonreuters.com;)