FMC Corporation price target lowered to $120 from $145 at BMO Capital

BMO Capital lowered the firm’s price target on FMC Corporation to $120 from $145 but keeps an Outperform rating on the shares after its negative Q2 pre-announcement and guidance cut. There were abrupt and unprecedented reductions in channel inventory by customers in North America, South America, and EMEA starting late May, sizably impacting Q2 volumes and continuing into Q3-Q4, though FMC also indicates that grower demand remains at similar levels, with annual input costs improving and significant benefits expected in the second half of the year, the analyst tells investors in a research note.