UPDATE: Citigroup Downgrades CF Industries

On Thursday, Citigroup downgraded shares of CF Industry (NYSE: CF) from Buy to Neutral and maintained a $267 price target.

Analyst P.J. Juvekar seems “limited catalysts near term” as the stock nears the analyst's previous $267 price target.

Juvekar is complimentary of management for recent actions, but all the positives have been “factored into the stock price.”

The analyst believes there is the potential for “$27+ of EPS in ‘16 and beyond as CF's new capacity starts up. But there are risks of a softer urea market in 2H14 on higher China exports and potential for lower grain prices if a record crop develops.”

Shares are down 2.2 percent to $259.50 in Thursday's trading.