Mosaic slides after BofA downgrades citing delayed margin recovery

Shares of fertilizer company Mosaic MOS.N down 5.2% at $24.82 after BofA Global Research downgrades to "neutral" from "buy"

BofA cuts PT to $30 from $33, implying a 14.5% upside to stock's last close

"We are downgrading as margin expansion in phosphate fertilizers is likely delayed a year" - BofA

BofA remains bullish on phosphates with expectations of sustained price strength, but says inflationary pressure on raw materials due to the Iran conflict complicates profit outlook

Says cash flow will remain pressured by another year of elevated capex, while muted earnings could keep the shares rangebound until the backdrop improves

9 of 21 brokerages rate the stock "buy" or higher, 10 "hold" and 2 "sell"; median PT is $32 - data compiled by LSEG

Including session's moves, MOS up 2.5% YTD