BUZZ-Potash miners: Down after Mosaic cuts production, sales outlook

Tue Sep 22, 2015 11:51am EDT
 
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** Fertilizer maker Mosaic's shares down 6.8 pct at $33.95

** Company says it would cut potash production and maintain its reduced phosphate output pace, citing delayed fertilizer purchases in Brazil and North America, along with lower crop prices and volatile currency

** Also lowers outlook for sales

** U.S.-listed shares of rivals Potash Corp of Saskatchewan Inc down 7 pct, Agrium Inc down 5.2 pct, Intrepid Potash Inc down 5 pct; German potash miner K+S down 8.4 pct

** Three brokerages cut PTs on Mosaic's stock by as much as $10 to as low as $35; median PT $49.50

** Susquehanna Financial Group analyst sees Mosaic lowering its full-year phosphate and potash volume guidance on next earnings call and does not see recovery in Brazilian demand in Q4

** Up to Monday's close, Mosaic's stock had declined about 20 pct this year, while Potash Corp's U.S.-listed stock had fallen nearly 33 pct