UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Mosaic Company

In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on the Mosaic Company MOS, and slightly raised its price target from $64.00 to $65.00. J.P. Morgan noted, “Mosaic's prospects have clearly improved in 2012. It resolved a long-standing dispute with Potash Corp. over 1.3Mn tons of potash that had been subject to a tolling agreement: Mosaic will start selling the additional tonnage beginning in January 2013. The company also reached a settlement agreement with the Sierra Club over permitting for mining phosphate rock at the large South Forte Meade mine in Florida, thereby lowering its purchased rock requirements and reducing its cost of rock meaningfully for several years. Phosphate prices are firm with Indian contract commitments for 2012-2013 season and generally healthy global demand.” The Mosaic Company closed yesterday at $58.21.
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Posted In: Analyst ColorPrice TargetReiterationAnalyst RatingsJ.P. Morgan & Co.
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