Mosaic assumed with a Neutral at CIBC

CIBC assumed coverage of Mosaic (MOS) with a Neutral rating and $30 price target. While Mosaic has benefited from stronger phosphate markets over the past year, phosphate prices should moderate over 2025 and 2026, the analyst tells investors in a research note. The firm expects the shares to trade at a discount to other fertilizer companies given its “uneven” operational performance this year. Over the long-term, however, CIBC suspects Mosaic may be an acquisition target for new entrant, BHP Group (BHP), given Mosaic’s “sizable” potash exposure.