Mosaic price target raised to $69 from $65 at BofA

BofA analyst Steve Byrne raised the firm’s price target on Mosaic to $69 from $65 and keeps a Buy rating on the shares. Investors "brushed off" a Q4 EBITDA miss, noted the firm, which calls management commentary "quite constructive," pointing to the outlook for margin support in phosphates from input cost deflation in 2023, confidence that potash demand will support the restart of the Colonsay mine and the "growing demand pull on phosphates" from the battery industry. BofA forecasts EBITDA above $3B through 2025, versus $1.5B in 2020.