Mosaic upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded Mosaic (MOS) to Outperform from Sector Perform with a price target of $27, down from $28. The firm believes the current “depressed” phosphate margins due to the Strait of Hormuz closure and restricted sulphur supply are unsustainable. While 2026 remains uncertain, RBC sees “significant value” in Mosaic shares and has a “strong belief” that phosphate margins will eventually recover, the analyst tells investors in a research note. The firm expects improved phosphate margins and operations into 2027 to drive rising free cash flow and a re-rate of Mosaic shares.