10 October 2007 18:25 [Source: ICIS news]
TORONTO (ICIS news)--Citigroup on Wednesday raised its profit estimates and share price target for ?xml:namespace>
Citigroup raised its earnings per share (EPS) forecast for Mosaic’s fiscal year ending in May 2008 to $3.11, from $2.78, for 2009 to $2.93, from $2.69, and for 2010 to $2.86, from $2.67.
It also raised its share price target by $8, to $56.
Mosaic’s share price was up 4.84%, at $58.30, on Wednesday morning in
Strong global grain markets would sustain high fertilizer prices going forward, benefiting in particular Mosaic’s potash operations, Citigroup said, adding that potash prices in the important Chinese market were expected to increase.
“So long as global grain inventories remain low or decline further, the current cycle can continue for at least another year,” the analysts added.
The phosphate market may see capacity additions and restarts from competitors in
Commenting on Mosaic’s fiscal first quarter ended 31 August, the analysts said results were stronger than they had expected, in particular in the potash business.
Earlier on Wednesday, JPMorgan boosted its profit estimates for Plymouth, Minnesota-based Mosaic.
($1 = €0.71)
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