Mosaic upgraded to Hold from Reduce at HSBC (earlier)

HSBC earlier today upgraded Mosaic to Hold from Reduce with a price target of $41, down from $43. Low prices have gradually brought back demand, but it is not buoyant enough to drive a broad-based recovery in fertilizers, the analyst tells investors in a research note. The firm says the negatives appear priced into Mosaic shares, with a possible turnaround in the Brazil business driven by seasonality and inventory liquidation.