UBS downgraded FMC Corporation to Neutral from Buy with a price target of $97, down from $120. The speed of June quarter volume declines caught FMC, the industry, and UBS “off guard,” the analyst tells investors in a research note. The firm says a lack of visibility on volumes creates a headwind for the company’s earnings and perceptions. UBS does not expect FMC to guide to a sharper snap-back in volumes at November’s R&D day. This will likely leave the market and investors uncertain about the longer term growth potential for FMC, says the firm.
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