Mosaic (MOS) PT Raised to $35 at Stifel

Stifel analyst Vincent Anderson raised the price target on Mosaic (NYSE: MOS) to $35.00 (from $33.00) while maintaining a Hold rating.

The analyst comments "We are updating our estimates ahead of Mosaic's 1Q24 earnings, with our 1Q24 estimates changing mostly as a result of an updated price deck. We largely maintain our volume estimates following company commentary in its most recent sales update. Our forward estimates also remain relatively unchanged given little change to our views on phosphate and potash markets, though we make cost adjustments given additional Riverview outage impacts. We continue to expect phosphate prices should come off a strong seasonal run, particularly with China exports reentering the market. In potash markets, the absence of MOP contracts from India and China is expected to keep a lid on pricing. In general, we see few positive catalysts as pricing upside in Phosphate has been largely a result of Mosaic's outages. We remain Hold rated and increase our target price to $35 on slightly higher near-term estimates."

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