FMC Corporation downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded FMC Corporation to Equal Weight from Overweight with a price target of $70, down from $100. The severity of the company’s sales and EBITDA rebase resets risk/reward balance and no longer provides suitable base case upside for an Overweight rating, the analyst tells investors in a research note. The firm says FMC’s continued uncertain volume backdrop will likely to persist well into the first half of 2024.