Jefferies Reiterates Buy on FMC Corp. (FMC)
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Jefferies reiterated a Buy rating and $58.00 price target on FMC Corp. (NYSE: FMC) after adjusting estimates. Jefferies now estimates 2017 EPS to be $2.85, down from $3.00.
Analyst Laurence Alexander commented, "End-market mix in 2017E still looks challenging, and we are trimming estimates $0.15 to $2.85. Our forecast of an 11% EPS CAGR through 2019E includes 40bps from a lower tax rate, 160bps from share buybacks or equivalent bolt-on M&A ($0.8bn to maintain 2.1x net debt/EBITDA) and margin expansion in lithium supplementing 4% top-line growth. Share performance still largely hinges on investors discounting an ag upturn in 2018-2020."
Shares of FMC Corp. closed at $48.54 yesterday.
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