Despite a solid November thus far, CF Industries Holdings, Inc. CFis not out of the woods yet according to RBC. The Deerfield, Illinois-based nitrogen agriculture company was downgraded by RBC to Underperform after seeing the recent rally in CF shares as “premature.”The SituationWhile CF Industries shares have rallied 13 percent in the last month, RBC sees this as a result of seasonal fluctuations in nitrogen prices. Analysts believe that these are just temporary factors that “will give way to weaker prices in 1H/17.”“Longer-term, we believe the S&D outlook remains challenging through 2019 as capacity additions outpace slow demand growth,” said Andrew D. Wong of RBC Capital Markets.The global nitrogen market appears to be in an over-supply situation until at least 2019, and CF trades alongside spot nitrogen prices historically.RBC is maintaining its $22 price target on the company. CF Industries is down 29 percent year-to-date.At last check, the stock was down 5.76 percent at $28.15.Latest Ratings for CF DateFirmActionFromToNov 2016RBC CapitalDowngradesSector PerformUnderperformAug 2016UBSUpgradesNeutralBuyAug 2016BarclaysMaintainsOverweightView More Analyst Ratings for CF View the Latest Analyst Ratings