UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on The Mosaic Company

In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on The Mosaic Company MOS, but lowered its price target from $70.00 to $68.00. BofA Merrill Lynch noted, “We see MOS as an attractive core holding in fertilizers. While the near-term industry outlook is mixed, we find valuation attractive in light of several company-specific catalysts: (1) a potash capacity increase of 1.3mn tons or 13% in January 2013, (2) a related increase in Mosaic's Canpotex export allocation, (3) brown field potash expansions at attractive economics, and (4) net positive developments relating to the May 2011 split-off of Cargill's ownership stake.” The Mosaic Company closed on Tuesday at $55.76.