Mosaic Downgraded by UBS to Neutral with $27 Price Target

Wall Street firms have downgraded Mosaic Company (MOS) due to a structural squeeze on phosphate margins, with phosphate cash cost of conversion rising to $131 per tonne in Q3 2025 from $101 in the prior year. Elevated sulfur and ammonia input costs, exacerbated by Middle East supply disruptions, are compressing stripping margins. UBS has downgraded MOS to Neutral from Buy and slashed its price target to $27 from $33.