Citi analyst P.J. Juvekar downgraded Mosaic to Neutral from Buy and lowered his price target for the shares to $30 from $38. Following Mosaic's analyst day, Juvekar feels phosphate fundamentals have weakened in the near term and are unlikely to pick-up significantly "despite the company acting as a swing supplier by curtailing capacity." A short-run spring rebound is still possible, but phosphate supply growth is still expected to outpace demand in 2019 and 2020 unless China curtails capacity, the analyst tells investors in a research note. He sees phosphate prices as "roughly flat" over the next few years, which reduces his estimates and moves him to the sidelines with respect to Mosaic shares.