UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on The Mosaic Company
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on The Mosaic Company (NYSE: MOS), but lowered its price target from $65.00 to $60.00.
J.P. Morgan noted, “Consensus earnings estimates for Mosaic are likely to be cut, with potash prices ready to move lower. Phosphate, by contrast, is bearing up. We reduce our December 2013 price target from $65 to $60 to reflect our F2014 earnings reductions. We believe, however, that Mosaic is likely to use its $2.6 billion (or $6.00/per share) net cash position to engineer a material share repurchase in the second half of 2013 and spur shareholder value creation. We rate Mosaic Overweight for year-ahead performance.”
The Mosaic Company closed on Tuesday at $55.76.
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