FMC Corporation price target lowered to $61 from $80 at RBC Capital

RBC Capital lowered the firm’s price target on FMC Corporation to $61 from $80 but keeps an Outperform rating on the shares after its Q3 earnings miss and FY23 guidance cut. The analyst notes continued destocking and challenging macros in Brazil. Investors were also disappointed in the new negative $750M 2023 free cash flow guide, the firm tells investors in a research note, though RBC also believes that net leverage should improve slowly as global inventories reset and normalize.