FMC Corporation price target lowered to $118 from $148 at Loop Capital

Loop Capital lowered the firm’s price target on FMC Corporation to $118 from $148 after the company’s negative Q2 earnings pre-announcement and FY23 guidance cut but keeps a Buy rating on the shares. The company has conveyed an abrupt ongoing and “unprecedented” channel inventory reduction in essentially all geographic regions that FMC addresses, though the management believes that it has earnings levers to offset demand weakness in the second half of the year, including operating expense reductions and greater-than-previously-anticipated tailwinds from lower COGS flowing through the P&L statement, the analyst tells investors in a research note.