Credit Suisse downgraded Mosaic (NYSE: MOS) from Neutral to Underperform and maintained a price target of $21 following Q2 results. The analyst remains concerned earnings estimates do not accurately reflect further price headwinds in P&K and that volume guidance remains far too euphoric.

Analyst Christopher S. Parkinson commented, "We remain concerned that investors' EPS estimates do not accurately reflect further price headwinds in P&K and that vol guidance remains far too euphoric. We now assume 2H DAP realizations of $327/t (vs. 1H $349/t) and MOP realizations of $151/t (vs. 1H $190/t). We remain skeptical of the potash rebound the industry expects due to (i.) continued headwinds in commodity prices, (ii.) Latam credit remaining problematic, (iii.) increasing regional competition due to lower China/SEA imports, (iv.) lower phosphate profitability vs. expectations, and (v.) growing concerns on the dividend. We do believe MOS is taking the necessary steps to reduce costs and improve performance in an eventual upturn; however, we believe any upturn will elude the market for some time. We downgrade Mosaic to Underperform, w/a $21 PT; our '16/'17 EPS est's are $0.45 (from $0.55) and $1.00 (no change)."

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Shares of Mosaic closed at $26.63 yesterday.