Bank of America Reiterates Neutral Rating, $61 PT on FMC Corporation on Estimate Change
In a report published Friday, Bank of America reiterated its Neutral rating and $61.00 price target on FMC Corporation (NYSE: FMC).
Bank of America noted, “FMC is tracking well against its Vision 2015 plan and should continue to benefit from: (1) healthy demand for crop protection chemicals at attractive margins, (2) good potential for long-term demand growth in lithium and biopolymers, (3) spare, lowcost soda ash capacity, albeit with risk to selling prices overseas, and (4) insulation from volatility in petrochemical raw material costs. However, we view valuation as fair, and do not see an incremental positive catalyst at this juncture.”
FMC Corporation closed on Thursday at $59.77.
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