10:55 AM EDT, 08/19/2024 (MT Newswires) -- Investors are increasingly interested in Nutrien ( NTR ) , with its shares "potentially bottoming" and "already pricing in downside scenarios, but also lacking obvious immediate catalysts", RBC Capital Markets said in a note over the weekend.

RBC sees investors looking for a turnaround in Nutrien's ( NTR ) Brazil Retail segment, confirmation points for Retail path to 2026 targets, confidence in potash stabilization, and excess cash generation for buybacks at depressed valuations.

In RBC's view, fertilizer equities "continue mixed as fertilizer prices stay within a relatively narrow range". It noted nitrogen "continues to tread along seasonal lows that are above the bank's prior expectations due to strengthening international natural gas prices". It also noted phosphate "remains tight", with a large India/OCP settlement further confirming global prices above $600/tonne, "but affordability remains a challenge". Lastly potash "continues to trade sideways, with the best affordability among the three nutrients, but also the best availability limiting price traction."

Nutrien's ( NTR ) share price was up 2.1% at last look on the TSX.

Price: 65.35, Change: +1.29, Percent Change: +2.01