FMC Corporation downgraded to Neutral from Buy at Mizuho

Mizuho analyst Edlain Rodriguez downgraded FMC Corporation to Neutral from Buy with an unchanged price target of $59. The company’s earnings have come under significant pressure in the second half of 2023 due to “unprecedented” pesticides inventory correction as well as heightened concerns about generic competition, the analyst tells investors in a research note. Despite the pullback in the shares, the firm believes a lack of catalysts and the unwillingness of investors to look through the near-term uncertainty will remain an overhang and render the stock range-bound.