BofA analyst Steve Byrne lowered the firm’s price target on FMC Corporation to $122 from $139 and keeps a Buy rating on the shares after the “surprising” guidance update that saw the Q2 revenue outlook cut by 30% and EBITDA cut by almost 50%. The stock closed down 11% on the day, but the selloff was “exacerbated” by the lack of information regarding channel inventories that could have helped gauge how far along the destocking process is as well as the impact on free cash flow, the analyst tells investors.
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- FMC Corporation price target lowered to $110 from $145 at Morgan Stanley
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