Morgan Stanley notes that an appellate court has reversed the ITC’s finding for countervailing duties against Moroccan and Russian phosphate imports into the U.S., though the firm’s “outlook remains largely unchanged” and this does not materially alter its “base case.” However, the firm recognizes some investors saw CVDs as “both a material and a structural positive” for U.S. phosphate producers net backs, so the reversal “likely ends” the market’s “bull case,” the analyst added. Morgan Stanley has an Equal Weight rating and $40 price target on Mosaic shares.
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