UPDATE: Topeka Capital Markets Initiates Coverage on The Mosaic Company with Hold Rating, $53 PT

In a report published Monday, Topeka Capital Markets initiated coverage on The Mosaic Company MOS with a Hold rating and a $53.00 price target. Topeka Capital noted, “We are initiating coverage of The Mosaic Company with a Hold rating and a $53 price target. Our Hold rating reflects our cautious view of the global potash supply and demand balance, as well as the overhang of the Cargill transaction that should resolve itself during 2H13.” The Mosaic Company closed on Friday at $57.35.