Mosaic price target lowered to $36 from $38 at Wells Fargo

Wells Fargo analyst Richard Garchitorena lowered the firm’s price target on Mosaic to $36 from $38 and keeps an Equal Weight rating on the shares. While Mosaic painted a constructive backdrop for fertilizers in 2024, where it has significant leverage to pricing in a potential commodity upcycle, the firm prefers nitrogen exposure vs. phosphate, the analyst tells investors in a research note.