FMC Corporation initiated with a Neutral at Citi

Citi analyst Patrick Cunningham initiated coverage of FMC Corporation (FMC) with a Neutral rating and $67 price target The firm says FMC shares are down 7% in the last year, lagging peers and the broader market due to global crop protection destocking. The company is well positioned to recapture volume as the agriculture cycle slowly recovers, the analyst tells investors in a research note. However, Citi is on the sidelines based on uncertainties around business normalization given heightened competition from generics, continued destocking uncertainty in Latin America and Asia, and FMC’s high net leverage ratio. It views the stock’s risk/reward as “roughly symmetric given these factors.”