As previously reported, Wells Fargo downgraded FMC Corporation to Equal Weight from Overweight with a price target of $102, down from $142. The firm believes the current channel destocking cycle makes beating the high end of FMC’s EBITDA guidance of $1.3B-$1.4B challenging, with the uncertainty on the timing of channel destocking adding risks to 2024 as well. While Wells expects FMC to improve margins through its lower raw material inputs and cost savings initiatives, it sees valuation as balanced at current levels.
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