FMC Corporation price target lowered to $127 from $147 at Mizuho

Mizuho lowered the firm’s price target on FMC Corporation to $127 from $147 and keeps a Buy rating on the shares. FMC reduced Q2 and fiscal year guidance on significant volume headwinds deriving from broad-based channel inventory reductions since the end of May, the analyst tells investors in a research note. Investors were anticipating a cut, but the magnitude of the annual decline appears worse versus fears, says the firm. It says the guidance is likely the final step to “finally” wash out expectations and will likely drive bears to close shorts.