FMC Corporation price target lowered to $83 from $107 at KeyBanc

KeyBanc analyst Aleksey Yefremov lowered the firm’s price target on FMC Corporation to $83 from $107 and keeps an Overweight rating on the shares after the company lowered its Q3 and Q4 EBITDA view by 34% and 49%, respectively. Management cited ongoing destocking primarily in Brazil and, to a lesser degree, Argentina, with most of the shortfall due to volumes, not price. Management sees destock extending into 2024, but it’s not clear if the magnitude would abate. While results in North America and Europe were in line with expectations, destocking continues in those markets as well, the firm notes. Buy-side expectations called for a Q3 miss and a cut to Q4, but the magnitude of the misses is likely greater than anticipated, KeyBanc argues.