UPDATE: HSBC Global Research Reiterates Underweight Rating, Raises PT on Mosaic Co. on Preference for Phosphates

In a report published Monday, HSBC Global Research analyst Yonah Weisz reiterated and Underweight rating on

, and raised the price target from $33.00 to $40.00. In the report, HSBC Global Research noted, “Investors have been battered by storms in all three nutrient sectors as major disruptions hit the broad fertiliser world in the past six months. As a result, time horizon and risk/reward have become much more important factors for investment decisions. Urea prices may have bottomed out, though lack near-term catalysts. Potash producers are still reeling, but we think the worst of the crisis has passed, and prices may rise in the medium term. The eventual return of Indian demand means phosphates have the clearest road to recovery, and this nutrient is our preferred of the three.” Mosaic Co. closed on Friday at $46.10.