CF Industries Holdings Inc

CF: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$94.00	Mmrcnby	Nvxcjgnwx

CF Industries: Upgrading Economic Moat Rating to Narrow

Seth Goldstein

Dec 12, 2023

After review, we upgrade our economic moat rating for CF Industries to narrow from none. We maintain our $85 per share fair value estimate as we previously incorporated a steeper cost curve and higher midcycle profits into our valuation. Our High Uncertainty Rating and Standard Capital Allocation Rating are also unchanged for the company.

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