FMC - Agricultural Science Company FMC Pressured From Worst Supply Chain Correction: Analyst | Benzinga
Mizuho Securities analyst Edlain Rodriguez downgraded FMC Corp (NYSE: FMC) to Neutral from Buy with an unchanged price target of $59.
The re-rating is due to significantly pressured earnings in H2 FY23 owing to unprecedented pesticide inventory correction and elevated concerns about generic competition.
Rodriguez says that while the long-term opportunities are encouraging, investors are unlikely to look through the near-term uncertainty until they gain more confidence that management can deliver.
The analyst's 2024 EBITDA estimate ...