JPMorgan Downgrades $MOS to Underweight from Neutral, PT $24 Analyst comments: "Mosaic is likely to experience a year of lower earnings in 2026 as a base case. Mosaic’s business portfolio has two large divisions: a phosphate operation and a potash business. Phosphates use sulfur and ammonia as key raw materials. Phosphate prices are moving somewhat lower because of affordability issues, while sulfur prices have about doubled, and ammonia has risen as well. Mosaic buys about 2.2 million tons of sulfur annually, and we estimate that its average sulfur costs will rise by about $525 million in 2026 year over year, from $469 million to $994 million, as its per-ton costs increase from $236/ton to $460/ton. The difficulties in the phosphate market have led to higher-cost operations in South America being shuttered because of high sulfur prices and poor grower incomes. Mosaic’s Fertilizantes operation could move lower in EBITDA from $567 million to $235 million in 2026. There is likely to be negative earnings momentum as a base case in the first and second quarters of 2026, both sequentially and year over year, as these inflationary costs work their way into the Mosaic income statement. Our 2026 EBITDA estimate for Mosaic is $1.96 billion versus $2.4 billion in 2025." Analyst: Jeffrey Zekaukas