Credit Suisse upgraded FMC Corporation to Neutral from Underperform with an unchanged price target of $101. The stock is down 25% year-to-date and the company’s recent results have been under pressure due to significant inventory destocking by customers that have resulted in a sharp decline in earnings in 2023, the analyst tells investors in a research note. However, the firm believes many of these issues are likely to be transitory and unlikely to repeat next year. As such, it now sees FMC’s risk/reward as fairly balanced.
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Read More on FMC:
- FMC Corporation sees Q4 adjusted EPS $2.71-$3.17, revenue $1.66B-$1.78B
- FMC Corporation sees Q3 adjusted EPS 90c-$1.32, consensus $1.38
- FMC Corporation sees FY23 adjusted EPS $5.86-$6.80, consensus $6.43
- FMC Corporation reports Q2 adjusted EPS 50c, consensus 61c
- FMC Corporation announces second quarter results and confirms full-year outlook
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