BofA/Merrill Lynch analyst Kevin McCarthy bumped estimates and his price target on Buy-rated Mosaic (NYSE: MOS) to $55.00 (from $54.00) following Q2 results citing strong demand plus modest price.

"Mosaic's results and outlook suggest that fertilizer demand is likely to remain strong in 2H14 (potash is sold out for 3Q), " McCarthy said.

The firm raised 2014 estimate by $0.05, to $2.85, followed by $3.75E in 2015, on higher potash volumes, prices and margins.

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Shares of Mosaic closed at $46.04 yesterday.