UPDATE: Topeka Capital Markets Reiterates Hold Rating, Lowers PT on The Mosaic Company

In a report published Wednesday, Topeka Capital Markets reiterated its Hold rating on The Mosaic Company

, but lowered its price target from $53.00 to $51.00. Topeka Capital noted, “On October 2, Mosaic reported F1Q13 EPS of $1.01 ($1.03 adj.), versus a Street consensus of $1.16 and our estimate of $1.20. Revenues were lower than expected, as potash volumes and gross profits were also lower than expected. The Company faced multiple headwinds in the quarter, including logistical difficulties in North and South America, as well as the lack of resolution around the China and India contracts. We are lowering our estimates and reducing our price target from $53 to $51, while maintaining our Hold rating.” The Mosaic Company closed on Tuesday at $55.76.