In a report published Monday, Goldman Sachs analyst Brian Maguire downgraded the rating on FMC Corporation FMC from Neutral to Sell, and lowered the price target from $63.00 to $58.00.
In the report, Goldman Sachs noted, “We downgrade FMC shares to Sell from Neutral and lower our 12-month price target by $5 to $58 (7% downside vs. 6% average upside for our universe) as we are concerned that FMC's 2013 EPS guidance and 2015 EPS goals are a high bar. Following multiple recent pre-announcements from peers, we believe there is investor complacency towards 2Q13 EPS risk since FMC has side-stepped prior sector issues; however, now peer warnings are coming specifically at agriculture and crop chemical businesses. Additionally, our channel checks indicate high soda ash inventory levels creating risk to FMC's expected 2H13 pricing rebound.”
FMC Corporation closed on Friday at $62.32.
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