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K+S: Stifel downgrades its recommendation

( - Stifel downgrades K+S shares from 'hold' to 'sell', with a TP reduced from E14 to E12.
5, believing that it should report solid EBITDA and FCF for the first quarter, but the trend in the coming quarters could worsen.

The approaching end of the season in the northern hemisphere and high inventories in China and Brazil imply risks of falling potash prices, the broker says in its comments on the German potash and rock salt supplier.

Stifel expects FCF to be close to zero until 2026, a forecast that already includes an extension of investments for the Werra project by one more year, and believes that over this period, the dividend could be at the minimum level of E0.07.

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