BofA/Merrill analyst Steve Byrne upgraded Mosaic to Buy from Neutral, saying shares are down by a third over the last four months due to a combination of earnings risks from an "unprecedented" wet spring in the U.S., as well as uncertainty associated with Brazilian tailings dams, and a weaker pricing outlook for phosphate and potash, but feels that the longer-term potential upside outweighs near-term risks. Byrne tells investors in a research note that he toured Mosaic's assets in Brazil last week and is "comfortable" with the uncertainty, but says he is also more constructive on the long-term outlook for Fertilizantes, and adds that while P and K pricing may be slow to recover, these nutrients have a more stable demand outlook than nitrogen.