Mosaic downgraded to Underweight from Neutral at Piper Sandler

Piper Sandler downgraded Mosaic to Underweight from Neutral with a price target of $32, down from $42. The analyst downgraded four agriculture chemicals names to Underweight based on a belief that planted acreage, yield or both may push the crop carryout of the soon-to-be planted U.S. corn crop to “exceptional” volume levels, taking corn prices and thus fertilizer prices downward. A crop of the size Piper thinks is possible would also significantly increase U.S. and global stocks-to-use ratios, barring a sizable miss in another major growing region, which would negatively impact nutrient pricing in the first half of 2025 as well, the analyst tells investors in a research note.