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Hedgeye's Agrium Short Thesis Has Lots Of Charts But Little Analysis, Scotiabank Says

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Agrium Inc. (USA) AGU 5.59% is down more than 5 percent on the day, at $83.47. The Canada-based producer, marketer and retailer of agricultural products was recently covered in a report issued by Hedgeye (HRM), a risk management and independent investment research business.

Hedgeye suggested earlier in the week that holding a short position in Agrium could be beneficial for investors. Bloomberg reported the firm sees as much as a 50 percent downside in Agrium shares.

The original Hedgeye report stated it's "easy to get to half [of today's] share price" and demonstrated how Agrium could dip to $27.

However, Scotiabank is wary toward the...