UPDATE: Jefferies Increases Target on FMC Corp to $108

Jefferies maintains its Buy rating on FMC Corp

and raises its price target to $108 from $104 on Q4 and forward outlook helped by taxes. Jefferies says, "FMC's segment profits in Q4 were essentially in line after higher corporate expenses. Trends remain favorable across its portfolio, with segment profits likely up 13% YoY in 2012E. We are raising 2012E EPS $0.40 to $6.90, which includes a $0.50 tailwind from a lower tax rate and lower sharecount. We are raising our price target $4 to $108 on higher market multiples." FMC closed at $92.80 on Thursday.