Scotiabank downgraded Mosaic (MOS) to Sector Perform from Outperform with a price target of $34, down from $39. The stock will underperform in the near-term as “credibility questions will resurface” after the company said its Q3 phosphate production fell below expectations, the analyst tells investors in a research note. The firm believes Mosaic will need to show several quarters of delivering on its promises before it can again recommend the shares. The stock in morning trading is down 7% to $31.05.
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