Compass Minerals International, Inc. We Raise Our Rating from Underweight to Neutral

研报英文原文证据摘录

Compass Minerals International, Inc. We Raise Our Rating from Underweight to Neutral

J P M O R G A N North America Equity Research

14 May 2026

Compass Minerals International,

Inc. ▲Neutral

Previous: Underweight

We Raise Our Rating from Underweight to Neutral CMP, CMP US

Price (12 May 26):$29.43

▲Price Target (Dec-26):$30.00

Prior (Dec-26):$20.00

Compass is managing and increasing cash flow by lowering inventories in its salt Chemicals: Specialty, Commodity,

business. Inventories of $179m in 2Q:F26 compared to $220m in 2Q:F25. Plant Agricultural, and Paper & Packaging

Nutrition operations in Utah are benefiting from more normal weather conditions Jeffrey J. Zekauskas AC

and good maintenance leading to better brine management and higher yields. The (1-212) 622-6644

Plant Nutrition business has been under-earning for two years and the operation’s jeffrey.zekauskas@jpmorgan.com

profits have returned to the low end of normal. Business fundamentals in both core Katie Zhang

segments also seem to be improving. The North American winter salt season was (1-212) 622-3262

snowier than average, which probably lays the groundwork for better salt pricing katie.zhang@jpmchase.com

in F2027. Potash prices have also been working their way up with global demand Silke Kueck

(1-212) 622-6503

growing and supply/demand balances snug. The direction of earnings should be silke.x.kueck@jpmorgan.com

higher in 2027 with prices likely to be positive both in potash and in salt. 2027 will

Lydia Huang

lack some of the earnings momentum from the normalization of Plant Nutrition (1-212) 622-0086

returns experienced in F2026. We nudged our EBITDA estimate higher for F2026 lydia.huang@jpmorgan.com

from $224m to $227m versus $199m in F2025 representing 14% growth. We also J.P. Morgan Securities LLC