Mosaic downgraded to Neutral from Buy at Mizuho

Mizuho downgraded Mosaic to Neutral from Buy with a price target of $34, down from $42. With the agriculture complex under pressure due to declining crop prices that will likely impact farmer’s net income, now is not the right time to be positive on fertilizer stocks, the analyst tells investors in a research note. The firm says the ongoing pressure on crop prices will likely prove challenging for fertilizer prices to move higher. Fertilizer stocks don’t tend to outperform when fertilizer prices are declining, adds Mizuho.