UPDATE: Credit Suisse Raises PT on FMC Following Management Meetings
In a report published Tuesday, Credit Suisse analyst John P. McNulty reiterated an Outperform rating on FMC (NYSE: FMC), and raised the price target from $71.00 to $78.00.
In the report, Credit Suisse noted, “After time with CEO Pierre Brondeau, Head of Ag Mark Douglass and IR Alisha Bellezza, we continue to believe FMC (Rocket Turtle) should continue to enjoy fast but steady growth and drive significant value for investors over the next 12-months and longer term. With greater confidence that FMC is on track to reach their EPS goal of $5.75-6.25 in 2015 we are raising our 2015 estimate to $5.76 (which conservatively assumes no use of the balance sheet for M&A that would likely push them toward $6), solidly above the consensus of $5.41. We are raising our 12-month price target to $78 (a conservative 16x our 2014 EPS) and believe by 2015 FMC will be at $110-132 (offering 70-100% upside over the next 2.5 years).”
FMC closed on Monday at $62.03.
Latest Ratings for FMC
|Jun 2015||Global Hunter||Initiates Coverage on||Accumulate|
|Apr 2015||Credit Suisse||Reinstates||Outperform|
|Apr 2015||Monness Crespi Hardt||Initiates Coverage on||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.