Citigroup (NYSE:C) sees a lot of potential in Mosaic Company (NYSE:MOS), as they raised their rating on them from "Hold" to "Buy," while also pushing up the price target from $64 to $78.
The overall agriculture sector's strength was a major part of the impetus behind Citigroup's move, but they also feel Mosaic will benefit strongly from the BHP Billiton (NYSE:BHP) bid for Potash Corp. (NYSE:POT), especially if they end up increasing their bid for the fertilizer company.
Strong corn and soybean prices have changed the agriculture outlook for the next year or so, with expectations farmers will spend more money on their crops to improve yields because of potentially higher margins.
Mosaic is trading at $67.51, gaining $3.14, or 4.88 percent as of 12:57 PM EDT.
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