UPDATE: Morgan Stanley Lowers Price Target on Mosaic to $77

According to Morgan Stanley, Mosaic Company

price target is lowered to $77. Morgan Stanley said that evidence is mounting that the recent demand pause in fertilizer has come to an end (corn prices firming, production cuts reverting price trends, demand returning, etc.) “Nonetheless, Mosaic remains just ~8% off of its 52-week low despite its recent repurchase of 5% of shares outstanding.” Mosaic Company closed yesterday at $53.30.