JP Morgan Downgrades The Mosaic Company (MOS)

JP Morgan analysts downgraded The Mosaic Company MOS from Overweight to Neutral. "The stock is approaching our December 2011 price target of $52.00, its trading multiples are now aligned with those of comparables: MOS was trading at 6.1x our 2011 calendar EBITDA estimate, or a 2.5x multiple point discount versus Potash Corp, its closest comparable, at 1x discount versus Agrium, and at par with CF on July 16, 2010. Mosaic is now trading at 8.6x our 2011 calendar EBITDA estimate, or at a 0.7x discount to Potash at 9.3x and at a premium to Agrium at 7.0x and CF Industries at 6.5x, which, in our view, fairly reflects the differences in the business structures of the companies. We maintain our F2011 (ends May) EPS forecast of $3.05 and our F2012 EPS estimate of $3.70." JP Morgan gives The Mosaic Company a Neutral rating with a price target of $52.00. Shares of MOS are currently trading at $52.00.