Citi Investment Analyst Hikes Price Target on Mosaic; Shares Climb to All-Time High
NEW YORK (AP) -- Shares of Mosaic Co. soared to an all-time high on Monday, after a Citi Investment Research analyst hiked his price target on the potash maker following strong fiscal third-quarter results.
On Friday, Mosaic reported its fiscal third-quarter profit jumped more than tenfold on stronger prices for the fertilizer potash, driven by solid international demand for higher agricultural yields to support food, animal feed and fuel needs.
Citi's Brian Yu raised his price target to $153 from $142, implying upside of nearly 33 percent to Friday's $115.07 closing price.
Yu said pricing for phosphate and potash, a fertilizer, are showing no signs of a slowdown. Pricing for potash has been supported by factors including rising demand for ethanol, made from corn. Farmers seeking higher yields of corn crops have increased demand for fertilizer.
Yu rates the stock "Buy."
Shares jumped $2.76, or 2.4 percent, to $117.83. Earlier in the session, the stock hit an all-time high of $123.
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