Mosaic price target lowered to $35 from $40 at RBC Capital

RBC Capital lowered the firm’s price target on Mosaic to $35 from $40 and keeps a Sector Perform rating on the shares after its Q3 earnings miss. The company is benefiting from a potash recovery, improving phosphate operations, and Fertilizantes bounce back into 2024, which supports solid cash generation for moderate growth plans and capital return, but this is also offset by downside risk to phosphate prices and negative sentiment on long-term potash weighing on valuations, the analyst tells investors in a research note.