UPDATE: Bank Of America Reiterates On Mosaic Co. On Strong Demand, Modest Price

In a report published Monday, Bank of America analyst Kevin W. McCarthy reiterated a Buy rating on

, and raised the price target from $54.00 to $55.00. In the report, Bank of America noted, “Mosaic stands to benefit from an ongoing rebound in global potash demand in 2H14 coupled with moderate price momentum. Meanwhile, share count has declined 10% y -y as Mosaic has recapitalized, while also growing via projects ($1bn for Ma'aden) and acquisitions ($1.4bn for CF phosphates for and $0.35bn for ADM distribution). We expect EPS to trend higher notwithstanding lower corn and soybean prices.” Mosaic Co. closed on Friday at $46.04.