In a report published Friday, UBS Investment Research analyst Bill Carroll downgraded Mosaic MOS from Buy to Neutral, and lowered the price target from $68.00 to $40.00.
In the report, UBS Investment Research noted, “We expect global potash fertilizer prices could decline from ~$400/ton to ~$300/ton near-term as Uralkali plans to gain global share following issues with its Russian partners and Chinese customers (who are becoming more self-sufficient)...Mosaic LTM gross profit is ~50/50 potash/phosphate, and we are not changing phosphate assumptions. MOS has been unsuccessful so far in negotiating to buy back stock from Cargill related owners (30% interest), which may be fortuitous in hindsight. We would expect MOS to be buyer in open market after standstill expires in Nov, and had already modelled 10% repurchase over 12mo starting Nov.”
Mosaic closed on Thursday at $41.09.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.