Story updated at 10 a.m. to reflect market activity.
Mosaic gained 0.7% to $49.05 in morning trading.
The bank reiterated its "equal weight" rating for the company. Barclays analyst Matthew J. Korn said the price target increase was driven by material improvement in phosphate profitability, and increasing volumes of higher-margin MicroEssential blends.
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"The Mosaic Company (Mosaic) is a producer and marketer of combined concentrated phosphate and potash crop nutrients. It is a single source supplier of phosphate-and potash-based crops nutrients and animal feed ingredients. It operates in two segments: Phosphates and Potash. Its Phosphates segment owns and operates mines and production facilities in Florida. Its Potash segment owns and operates potash mines and production facilities in Canada and the United States, which produce potash-based crop nutrients, animal feed ingredients and industrial products. The Company mines phosphate rock in Florida and processes rock into finished phosphate products at facilities in Florida and Louisiana. It mines potash in Saskatchewan, New Mexico and Michigan. In March 2014, the Company announced that it has completed the acquisition of the phosphate business of CF Industries, Inc."