Nutrien (NTR) continues to execute well across its key priorities, supported by operational improvements, accelerated share buybacks, and a constructive agricultural backdrop, RBC Capital Markets said in a note Monday.
RBC noted potash mining automation is keeping cash costs below $60 per tonne, while Nutrien trimmed 2026 capital expenditure guidance to $1.95 billion to $2.05 billion from the prior $2.0 billion to $2.1 billion.
The bank said Nutrien accelerated share repurchases to approximately $75 million per month in Q3 of 2026, up from about $50 million earlier in the year, and expects to maintain that pace through the year.
RBC lowered its 2026 adjusted earnings before interest, taxes, depreciation, and amortization estimate for Nutrien to $6.4 billion from $6.6 billion, and reduced nitrogen realized prices following summer fill levels that came in below expectations.
RBC reiterated an outperform rating on the stock and $85 price target.
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