We revise our recommendation to Buy (from Hold) and increase our TP to NOK 440 (from NOK 390). This is due to a more promising outlook, and our EBITDA (Yara definition) estimates for 2026 and 2027 are revised up by 9% and 11%, respectively. While the global nitrogen market balance is likely to remain tight for the next few years, forward gas prices are pointing towards a slight easing. Also, Yara’s new improvement program will support profit growth the next few years. Although potential changes ....
