CIBC analyst Jacob Bout lowered the firm’s price target on Mosaic to $35 from $36 and keeps a Neutral rating on the shares. The firm raised its 2024 and 2025 estimates primarily to reflect better than expected phosphate pricing, offset partly by slightly lower potash price assumptions, the analyst tells investors in a research note. CIBC is incrementally more constructive on Mosaic, but sees better share price upside potential among other names in its coverage.
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