Mosaic price target lowered to $34 from $36 at Wells Fargo

Wells Fargo lowered the firm’s price target on Mosaic to $34 from $36 and keeps an Equal Weight rating on the shares. The firm also reduces its estimates ahead of results to reflect Mosaic’ October/November revenue update, which pointed to weaker results in Q4. Wells remains on the sidelines given equal risk/reward due to a weak near-term outlook for Brazil.