Mosaic (MOS +2.4%) is higher after Citigroup upgrades shares to Buy from Neutral with a $40 price target, raised from $36, as the firm sees the company helped by improving phosphate fundamentals, which could benefit further from potential environmental restrictions in China.
Citi's P.J. Juvekar says phosphate supply and demand are looking more favorable, and fertilizer prices were strong in Q3, adding that prices do not need to rise much to justify a Buy rating on MOS.
The firm also downgrades Sherwin-Williams (SHW -0.7%) to Neutral from Buy with a $435 price target, cut from $492, saying the company is unlikely to dodge raw material and end market woes outlined by peers PPG and H.B. Fuller.
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