Citi Maintains a 'Buy' on Mosaic (MOS), Lowers Price Target
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Citi maintains a 'Buy' on Mosaic Co (NYSE: MOS), but lowers price target from $86 to $80.
Citi analyst says, "We are lowering our FY2009 estimate to $7.80 from $8.80 to reflect the ongoing weakness in phosphate prices and lack of purchasing activity in both phosphates and potash. We expect MOS to post a lowered F2Q operating EPS of $1.40 when it issues results after-market on Jan 5th, and guide to weaker phosphate realizations for F3Q. We now estimate MOS will earn $0.90 in F3Q before order activity rebounds in F4Q, when spring planting deadlines approach. Based on our positive view of future grain prices and expectations for fertilizer demand to recover, we are maintaining our Buy/High-Risk rating with a new, lowered 12-month target price of $80."
The Mosaic Company (Mosaic) is a producer of phosphate and potash crop nutrients for the agricultural industry.
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