FMC Corporation just downgraded at BMO Capital, here’s why

BMO Capital downgraded FMC Corporation to Market Perform from Outperform with a price target of $63, down from $80. The analyst is worried about an “L-shaped recovery” for the stock until credibility can be re-established with better visibility around crop chemical de-stocking and earnings power. The firm believes investors will keep the stock “in the penalty box for at least 2-3 quarters.”