Now could be the time to buy the ASX 200 stock in this article.

That's the view of analysts at Bell Potter, which have just upgraded its shares.

Which ASX 200 stock?

The stock in question is Nufarm Ltd (ASX: NUF).

It is a leading supplier of off-patent agricultural chemicals, seeds, and seed treatments globally with a marketing presence in over 30 countries and sales in over 100 countries.

According to a note out of Bell Potter, its analysts have responded positively to Nufarm's annual general meeting update this week.

Key takeaways from the meeting according to the broker are:

(1) NUF noted a "pleasing start" to FY25e with strong levels of demand for crop protection products; (2) NUF remains on track to deliver $100m in Omega-3 revenues in FY25e, continues to target $50m in cost savings (full realisation in FY26e); and (3) NUF remains on track to reduce working capital by 25-days by year end. At 1H25e, NUF expects net working capital to be marginally higher than the prior year, mainly due to additional working capital for omega-3 and movements in currency.

And while not a lot is known about current trading conditions, Bell Potter is feeling positive. It adds:

We are not yet in peak selling windows for most NUF markets and in somewhat of an information vacuum. However, at a high level we would make the following comments: (1) Europe benefited from a prolonged sowing window and initial yield projections are for a ~6% YOY uplift in grain and oilseed production in 2025; (2) US corn and soybean production forecasts have been pairing downwards in recent USDA reports, with dry conditions in some key regions; and (3) Australia should be benefiting from a more normal summer purchasing program than a year ago.

Time to buy

The note reveals that Bell Potter has upgraded the ASX 200 stock to a buy rating with an improved price target of $4.35 (from $4.25).

Based on the current Nufarm share price of $3.68, this implies potential upside of 18.2% for investors over the next 12 months.

In addition, a modest 1.6% dividend yield is expected in FY 2025, growing to 3% in FY 2026.

Commenting on its upgrade, Bell Potter said:

We upgrade from Hold to Buy. Our upgrade is predicated: (1) NUF's discount to global peers, which has widened in recent months (from ~13% at FY24 results to ~25%); (2) a bottoming trend in export values ex-China reversing some of the pricing headwinds of FY24; (3) we expect NUF and peers to commence cycling softer YOY comparisons from 1Q25; and (4) little or no value ascribed for the upside in Beyond yield initiatives.