Mosaic price target raised to $37 from $35 at JPMorgan

JPMorgan analyst Jeffrey Zekauskas raised the firm’s price target on Mosaic (MOS) to $37 from $35 and keeps an Overweight rating on the shares. The firm says it would rather own fertilizer companies today than petrochemical companies, saying the latter face oversupply conditions with shrinking spreads due to weakening oil prices and large capacity additions. The fertilizer markets are seeing low inventories, tight supply/demand balances, and good multi-year prospects with moderate capacity increases, the analyst tells investors in a research note.