FMC Corporation price target lowered to $76 from $80 at KeyBanc

KeyBanc lowered the firm’s price target on FMC Corporation to $76 from $80 and keeps an Overweight rating on the shares. The firm expects EBITDA to start growing again in mid-2024 after a string of significant negative revisions. Although the Q1 guide did not signal any improvement, things aren’t getting worse anymore, KeyBanc says. Although some risks of achieving second half of 2024 levels implied by guidance remain, the firm believes the mere fact of improvement demonstrated in mid-2024 would be enough for the stock to start outperforming. It views FMC as one of the most attractive risk/reward names in its coverage.