UPDATE: RBC Capital Markets Initiates Coverage on The Mosaic Co. on Multiple Value Drivers

In a report published Wednesday, RBC Capital Markets analyst Chris Nocella initiated coverage on

with an Outperform rating and $57.00 price target. In the report, RBC Capital Markets noted, “Mosaic provides strong leverage to improving demand in the potash and phosphate markets and we believe it would return a substantial amount of capital to shareholders over the next several years. Also, a larger position in phosphates may better position Mosaic if others are interested in its potash assets. We are initiating coverage of MOS with an Outperform rating and $57 per share price target.” The Mosaic Co. closed on Tuesday at $46.40.