Mosaic downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Mosaic to Neutral from Overweight with a price target of $46, down from $60. The analyst sees lower expected future projected cash balances for Mosaic due to a likely faster than expected rate of earnings deceleration. Mosaic’s earnings and equity value have been assisted by an environment of increased macroeconomic risks and higher commodity prices over the past two years, but these positive momentum factors appear to be diminishing, the analyst tells investors in a research note. The firm says potash prices are moving lower and that its earnings estimates for Mosaic are lower than the consensus.