Piper Sandler cuts PT on agri-chemical companies amid tariff uncertainty

Piper Sandler reduces PT on agricultural commodities traders to reflect market uncertainty tied to potential tariffs and trade retaliation

Brokerage says key risk is largely macro related and would be tied to the possibility of retaliatory tariff on U.S. agricultural products, especially from China

Adds that another risk would be large corn and soybean crop in U.S. and/or Brazil, which would reduce grain prices and fertilizer affordability

Expects sizable gain in U.S. corn planting in near-term to between 93 mln and 95 mln acres, increase of between 2.5% and 10.5% on prior planting level

"This would clearly imply a substantive increase in nutrient demand, especially for nitrogen products like ammonia, urea," brokerage says

Brokerage cuts price target on the following firms: