Scotiabank analyst Ben Isaacson downgraded Nutrien to Sector Perform from Outperform with an unchanged price target of $110. The analyst expects the shares to weaken near-term, saying the “steep” Q3 miss highlights the end of the super-cycle, and soon, the end of peak cycle pricing. Potash volume in North America was “exceptionally weak,” the lowest since the financial crisis in 2009, Isaacson tells investors in a research note. He says potash price and demand erosion “are moving much faster than we had anticipated.”