Morgan Stanley analyst Vincent Andrews lowered the firm’s price target on FMC Corporation to $100 from $110 and keeps an Overweight rating on the shares. The firm is reducing its 2023 and 2024 estimates to assume a weaker than expected second half of 2023 in LatAm and prolonged destocking into Q2 of FY24, the analyst tells investors. However, with FMC shares down 40% year-to-date, “we think it is hard to sell here,” the analyst added, arguing that the current valuation already factors in longer and deeper than guided destocking as well as some early generic competition.
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