FMC Corporation downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded FMC Corporation to Neutral from Buy with a price target of $59, down from $135, after the company’s second consecutive negative quarterly pre-announcement and a “sharp cut” to Q4 revenue and EBITDA guidance. While inventory destocking across major regions is not unique to the company, the magnitude and duration of the declines embedded in its updated 2023 raise greater uncertainty, the analyst tells investors in a research note.