Citi has cut Mosaic MOS to neutral from a previous buy rating Wednesday as the company announced that the buyback of its A shares from the Cargill trust would take until at least November. The bank also cut its price target to $57 from $69 on the stock.
Citi had a buy rating on the stock previously citing the buyback and resulting value accretion as driving catalysts for investors despite uncertain fertilizer demand in the second half of 2013. Also, Citi notes that weakening Asian currencies since May could weigh on sales to emerging markets.
Mosaic shares traded down 2.2 percent on the news to $54.68 per share, down $1.23 on the day.
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