06:33 AM EDT, 07/21/2026 (MT Newswires) -- Berenberg lowered its price target and estimates for Yara International (YAR.OL), with an unchanged hold rating, as analysts took note of the company's second-quarter earnings report. For the three months ended June 30, the crop nutrition and ammonia company reported EBITDA of $1.06 billion, which the research firm said in a Tuesday note was a 16% miss driven by "soft" volumes during the period. "Speciality fertiliser premia were also compressed by the Q2 urea price spike. The market was relatively forgiving of Yara, helped by the prospect of some deferred purchases being pushed into H2 and a restart of hostilities in the Middle East limiting additional supply; Iran accounted for c10% of pre-war global urea exports," analysts added. Against this backdrop, the research firm cut its EPS forecast for 2026 to 2028 by 12% to 22%, amid lower volumes and nitrogen fertilizer prices. Sales and EBIT projections were also reduced across the three-year period. Subsequently, the stock's price target was cut to 440 Norwegian kroner from 451 kroner. "Shares trade on less than 5x 2026 EV/EBITDA, a normal valuation for peak-of-cycle fertiliser earnings. A longer conflict in Iran could push urea prices back up, but the lesson we draw is that crop inventories are high enough to absorb temporary shocks in fertiliser availability," Berenberg wrote.

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