FMC Corp. (FMC) Price Target Lowered at Piper Jaffray on Ongoing Headwinds

Piper Jaffray analyst Michael Cox lowered his price target on Neutral-rated FMC Corp. (NYSE: FMC) to $58.00 (from $60.00), saying meetings with management point to continued headwinds.

Cox commented, "We come away from meetings with management with continued caution on shares of FMC as we expect U.S. farmers will cut back on discretionary crop chemical purchases this up coming crop season and Brazilian growers are likely to downgrade products this season, which would weigh on FMC margins. The Cheminova acquisition and the alkali business sale provide additional uncertainty during this period of soft end market demand, where there is minimal visibility into improvement. Credit terms in LatAm are a key focal point with investors but we believe it is more of a timing issue. We believe that ongoing weakness in ag, operational issues in Argentina impacting the Lithium business,
and demand uncertainty for Health & Nutrition products in China will continue to weigh on the stock, where our 2015 & 2016 estimates are now Street low."

The firm cut FY15E EPS from US$4.15 to US$4.10.

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 $56.21 yesterday.

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