FMC price target lowered to $46 from $70 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on FMC (FMC) to $46 from $70 and keeps an Equal Weight rating on the shares. Following a “significantly lower” 2025-plus EBITDA outlook on a Diamides reset ahead of full patent expiry, the firm materially reduced EBITDA estimates and sees a “likely share price reset” to follow yesterday’s strategy reset. The firm does not expect investors to re-engage with FMC shares until the company is able to demonstrate its ability to hit 2025 EBITDA guidance of $870M-$950M and “therefore solidify an EBITDA base,” the analyst added.