CF Industries Holdings Inc

CF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Zddbxx	Mptffpvh

CF Industries Earnings: Lower Nitrogen Prices Weigh on Profits

Seth Goldstein

Nov 2, 2023

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.

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