- 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.