UPDATE: J.P. Morgan Upgrades The Mosaic Company to Overweight

J.P. Morgan is out with its report today on The Mosaic Company (NYSE: MOS), upgrading MOS from Neutral to Overweight.

In a note to clients, J.P. Morgan writes, "We are upgrading Mosaic to an Overweight rating now that we are no longer restricted. Rising potash and healthy DAP prices provide the basis of strong earnings growth for calendar 2011. Opportunities stemming from sales of 1 million tons of potash that were previously provided at cost to Potash Corp and possible stability in DAP prices due to a healthy demand environment despite the Ma'aden capacity addition represent opportunities in excess of our forecasts. The balance sheet is in a net cash position, Mosaic generates good free cash flow, and the overhang of its 100 million share equity offering is behind it and the fertilizer sector generally."

J.P. Morgan lowers its PT from $77 to $74.

At the time of posting, shares of MOS were trading pre-market at $65.05, down 0.57% from Friday's close.