In a report published Friday, BMO Capital Markets analyst Joel Jackson reiterated an Outperform rating on Mosaic MOS, but lowered the price target from $69.00 to $65.00.
In the report, BMO Capital Markets noted, “MOS stays at Outperform, but we lower our target price to $65 from $69. Global phosphate prices have fallen back absent of real Indian import demand, but that demand has started to catch up ahead of Rabi season with declining stocks and near-record monsoon rains. Global potash shipment recovery continues in markets outside of India. N.American potash prices have fallen, but Chinese port stocks are lowering (H2 Chinese contracts seem achievable unlike 2012). The luster on MOS has come off somewhat recently though MOS' stated intentions to repurchase sizable stock has not vanished – it has been delayed until late 2013 (when the split-off agreement no longer restricts buybacks), and investors can afford to wait in a sector generally void of catalysts.”
Mosaic closed on Thursday at $56.85.
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