FMC Corporation price target lowered to $117 from $128 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on FMC Corporation to $117 from $128 and keeps an Overweight rating on the shares. While the firm is encouraged by management’s optimism suggesting destocking is largely complete by the end of Q3, visibility is limited at the current juncture, and KeyBanc remains below management’s guidance for 2H23, the analyst tells investors in a research note. KeyBanc remains positive on margin expansion opportunities heading into 2024, but acknowledges near-term earnings volatility and the potential for another guidance cut.