FMC Corporation price target lowered to $80 from $105 at RBC Capital

RBC Capital lowered the firm’s price target on FMC Corporation to $80 from $105 after its revised Q3 and FY23 guidance indicating that destocking, mainly in Brazil, was greater than FMC’s expectations. The firm adds however that given the company’s stable on-the-ground consumption at the farmer level, new product growth and now a focus on cost reductions, FMC should be better poised to weather the choppy market dynamics in the second half of this year and the first half of next year, returning to modest growth in 2024. RBC keeps its Outperform rating on the stock.