UPDATE: BMO Capital Markets Upgrades Mosaic to Outperform on Buyback, Phosphate Fundamentals

BMO Capital Markets upgraded Mosaic MOS from Market Perform to Outperform and raised the price target from $61.00 to $72.00. BMO Capital Markets noted, "Raising our rating ahead of FQ3/13 (Feb) results on March 28, for which we expect MOS to miss consensus EPS of $0.88 (we model $0.75), but believe investors will be focused on the outlook and Mosaic's share buyback potential. … The trade is turning toward potash and phosphate producers (POT and MOS), both with strong incremental capital return theses, versus nitrogen producers (CF, YAR and AGU) from weakening urea/ammonia sentiment and higher gas prices. The end of May is nearing, when MOS can start negotiating with Cargill shareholders to repurchase shares." Mosaic closed at $61.50 on Monday.