Credit Suisse Upgrades FMC Corp. (FMC) to Outperform; Buy on Any Pullback

November 4, 2016 7:57 AM EDT
Get Alerts FMC Hot Sheet
Price: $60.31 +1.63%

Rating Summary:
    8 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Credit Suisse upgraded FMC Corp. (NYSE: FMC) from Neutral to Outperform with a price target of $57.00 (from $48.00), saying 2018 building blocks are in place.

Analyst C. Parkinson commented, "Despite our sheer reluctance to upgrade following a 10% jump in a stock, we simply want to be clear that any pullback in FMC shares will be an attractive buying opportunity, especially if emerging market agriculture improves; we aren't trying to be "cute". While we have always been constructive on FMC's "2018 Thesis", we previously believed that 2016 ag headwinds would mute the stock. We still have modest concerns over the next ~2 quarters, but it appears offsets from enhanced distribution channels, dynamic pricing models and upside from lithium will offset our concerns. We are increasing our '16/'17 EPS est's to $2.83 (from $2.75) / $3.45 (from $3.20). We are upgrading shares to OP (from Neutral) and our PT rises to $57 (from $48).:

For an analyst ratings summary and ratings history on FMC Corp. click here. For more ratings news on FMC Corp. click here.

Shares of FMC Corp. closed at $50.93 yesterday.

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