JPMorgan analyst Jeffrey Zekauskas downgraded Mosaic to Neutral from Overweight and lowered his price target for the shares to $33 from $38. There are signs of increased phosphate exports from China, which have the potential to loosen the supply/demand balance in phosphate in 2019, leading to a weaker phosphate price dynamic, Zekauskas tells investors in a research note. The analyst believes the possibility of increased China phosphate exports would also lead to some compression in the Mosaic trading multiple. The risk/reward balance in the shares appears to be moving in the direction of greater risk, says the analyst.