JPMorgan initiated coverage of FMC Corporation (FMC) with a Neutral rating and $90 price target. The analyst prefers Corteva (CTVA) at this juncture as a “risk/reward vehicle” for investing in the crop seed and chemical markets. Earnings for FMC are likely to fall sharply in 2023 as demand is contracting from customer de-stocking, product surpluses, and from customers anticipating lower product prices from declining raw material costs, the analyst tells investors in a research note.
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