Citi Upgrades Mosaic and Potash to Buy

Citi upgraded the Mosaic Company

and Potash Corporation/Saskatchewan

to Buy. At the same time, Citi increased its price target on Mosaic to $85 from $84, while the price target for Potash was raised to $67 from $61. In a research report published today, Citi states, "We are lifting estimates and raising POT and MOS to Buy from Hold. There are three key factors for today's upgrade: 1) tariffs and electricity shortages in China; 2) the impact of delayed plantings in the US; and 3) improved clarity regarding the absorption of new supply." On Tuesday, Potash added 2.5% to trade around $57.39, while Mosaic rose 1.36% to $70.99. In the same report, Citi raised its price target on Agrium

to $96 from $94. On Tuesday, Agrium added 1.87% to its value to trade around $88.07.