FMC Corporation price target lowered to $62 from $98 at Fermium Research

Fermium Research lowered the firm’s price target on FMC Corporation to $62 from $98 and keeps a Hold rating on the shares. The analyst cites the company’s negative Q3 pre-announcement on view that Q3 and Q4 results will be materially below the Street, with “significant global destocking impacts that are expected to persist into next year.” The prior expectation that FMC expected to see a material upward inflection in its profitability by Q4 rather than Q3, has been further postponed, “mainly driven by substantially lower sales volumes in Latin America, particularly destocking in Brazil and to a lesser degree drought in Argentina”, the firm added.