Morgan Stanley Believes Strategic Shift In Phosphate Could Trump Negative Preannouncement For Mosaic Co

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In a report published Wednesday, Morgan Stanley analyst Vincent Andrews reiterated an Equal-Weight rating on
Mosaic CoMOS
. In the report, Morgan Stanley noted, “Mosaic did two things today, the latter potentially more important than the former: 1) It indicated that 3Q phosphate and potash volume will be at the low end of guidance, though prices will still be at or near the midpoint; and 2) It announced that it is proactively reducing its operating rates in phosphate because of high ammonia and sulfur input costs relative to finished phosphate fertilizer output prices. While the market clearly focused on the potential negative earnings implication of the former, we wonder whether it is missing the beginning of a much more impactful narrative in phosphate.” Mosaic Co closed on Tuesday at $44.41.
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Posted In: Analyst ColorReiterationAnalyst RatingsMorgan StanleyVincent Andrews
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