Mosaic downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Mosaic (MOS) to Neutral from Overweight with a price target of $26, down from $37. The firm says phosphate prices have moved lower from recent peaks while demand for phosphate products in the U.S. “is fragile.” Phosphate prices remain high by historical standards and farmer balance sheets are weak, the analyst tells investors in a research note. JPMorgan believes Mosaic’s profitability in the coming year is also likely to be weighed down by rising sulfur and ammonia costs. It cites the company’s’ lower EBITDA in 2026 and earnings uncertainty for the downgrade.