Mosaic drops 5% after downgrade
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(Kitco News) - Fertilizer giant Mosaic (NYSE:MOS) dropped 5.7% Wednesday to $19.73 after JP Morgan re-rated the company from neutral to underweight.
Analyst Jeffrey Zekauskas lowered the stock from $20 to $18, according to reporting by MarketWatch
During its second quarter released in August, Mosaic reported a net loss of $233 million blaming record wet weather for the fall. The company idled some operations.
The company expects low crop yields and high wheat prices to "provide significant opportunities in fall 2019 and beyond."
However, JP Morgan believes the outlook is better only over the long term and investors will have better entry points beyond the current market price.