Citi Downgrades Yara to Neutral, NOK530 Target

Citi Research downgraded Yara International to neutral from buy, raising 12‑month target price to NOK530 from NOK430.
Shares traded at NOK529, implying 7.3% total return with a 7.1% dividend yield, while 2026 EPS forecast rose to $8.06.
Citi lifted 2026 EBITDA to $4.0bn, forecasting a range $3.4‑$5.3bn depending on urea price and gas‑cost scenarios.
The broker warned of peaking fertilizer prices, a 20% drop in farm profitability, and Europe’s fertilizer demand 5‑10% below normal.