FMC Corporation initiated with a Buy at Roth MKM

Roth MKM analyst Brian Wright initiated coverage of FMC Corporation with a Buy rating and $74 price target. The firm expects the two factors that drove the stock down nearly 50% in 2023 – global crop protection destocking and substantial concerns on generic competition to its diamide insecticide franchise – to pass in the second half of 2024. While stating that “nimble investors might wait for a more favorable return to risk profile,” the firm believes long-term investors should see improved sentiment by year-end.