FMC Corporation price target lowered to $80 from $83 at KeyBanc

KeyBanc lowered the firm’s price target on FMC Corporation to $80 from $83 on softer earnings, while keeping an Overweight rating on the shares. Despite ongoing headwinds in the near-term, the firm views FMC as one of its top picks in 2024 as volumes are likely to snap back to trendline plus once the destocking cycle is complete given true end-market demand remains strong. This should offer greater operating leverage compared to chemical peers that not only faced destocking but softer end-market demand, KeyBanc adds.