FMC Corporation price target lowered to $59 from $61 at RBC Capital

RBC Capital lowered the firm’s price target on FMC Corporation to $59 from $61 but keeps an Outperform rating on the shares. The price target cut reflects reduced FY24 EBITDA estimates based on the company’s guidance, though the firm still sees FMC as well positioned for earnings growth and margin expansion as channel destocking ends, high-cost inventory flows through, and restructuring benefits are realized, the analyst tells investors in a research note.