Morgan Stanley Downgrades FMC Corp. (FMC) to Equalweight 'following another profit rebase'

Morgan Stanley analyst Vincent Andrews downgraded FMC Corp. (NYSE: FMC) from Overweight to Equalweight with a price target of $70.00 (from $100.00).

The analyst comments "We downgrade FMC shares from Overweight to Equal-weight following another profit rebase. While there is still ~20% upside to our revised $70 price target (down from $100), given the lack of visibility into 2024 (particularly the first half of the year where "destocking" dynamics are set to persist) this is no longer enough upside for us to justify an Overweight rating. Also, our call has - simply put - been wrong (see further detail below) and we already argued for "thesis drift" once back in July."

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 $58.12 yesterday.

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