FMC upgraded to Neutral at BofA with growth headwinds priced in

As previously reported, BofA analyst Steve Byrne upgraded FMC (FMC) to Neutral from Underperform with a price target of $61, down from $63. While the firm still believes the path to recovery off the 2024 trough will be tough given company-specific issues, challenging ag fundamentals, concerns about trade wars and a strong dollar, it also expects FMC’s EBITDA to rebound sharply in 2025 as volumes continue to improve and earnings benefit from cost-cutting and raw material deflation, the analyst tells investors. The current valuation is “appropriately reflecting risks,” the analyst added.