Mosaic volatility flat into Q3 and Chinese potash demand outlook Mosaic April and June put option implied volatility of 28 is near its 26-week average of 27 according to Track Data suggesting non-directional price movement into the expected release of Q3 results in late March
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: CVR Refining (CVRR) upgraded to Neutral from Underperform at Credit Suisse... Cash America (CSH) upgraded to Outperform from Market Perform at JMP Securities... Chipotle (CMG) upgraded on positive catalysts at BMO Capital... Cypress Semiconductor (CY) upgraded to Strong Buy from Buy at Needham... Energy Transfer Equity (ETE) upgraded to Strong Buy from Outperform at Raymond James... Expedia (EXPE) upgraded to Outperform from Sector Perform at RBC Capital... Immersion (IMMR) upgraded to Buy from Hold at Ascendiant... Integra LifeSciences (IART) upgraded to Outperform from Market Perform at Wells Fargo... Key Energy (KEG) upgraded to Neutral from Reduce at Global Hunter... Limelight Networks (LLNW) upgraded to Buy from Neutral at B. Riley... Live Nation (LYV) upgraded followin strong core results at Stifel... Mosaic (MOS) upgraded to Outperform from Sector Perform at RBC Capital... Ocwen (OCN) upgraded to Buy from Neutral at Sterne Agee CRT... Pacific Biosciences (PACB) upgraded to Outperform from Market Perform at William Blair... Pinnacle Financial (PNFP) upgraded to Buy from Hold at Sandler O'Neill... SPX Corp. (SPW) upgraded to Overweight from Neutral at JPMorgan... Titan International (TWI) upgraded to Buy from Hold at Feltl... Ultra Petroleum (UPL) upgraded to Market Perform from Underperform at Raymond James... United Insurance (UIHC) upgraded to Outperform from Market Perform at Keefe Bruyette... Western Union (WU) upgraded to Outperform from Market Perform at Wells Fargo... Zayo Group (ZAYO) upgraded to Strong Buy from Outperform at Raymond James.
Potash, Mosaic investors should switch to Agrium, says Canaccord Canaccord noted that both Potash (POT) and Mosaic (MOS) missed Q1 estimates and gave what the firm views as soft forward guidance. The firm sees U.S. shipments of potash and phosphates this spring lower than expected and sees international volumes heading into a mild oversupply situation. Canaccord suggests Potash and Moasic investors switch into Agrium (AGU), given its exposure to nitrogen and retail segments. Canaccord maintains its Buy rating and lowered its price target to $125 from $128 on Agrium, while maintaining its Hold rating on both Potash and Mosaic shares.