UPDATE: Piper Jaffray Initiates Coverage on FMC Corporation on Positive Outlook

In a report published Tuesday, Piper Jaffray analyst Michael E. Cox initiated coverage on FMC Corporation FMC with an Overweight rating and $78.00 price target. In the report, Piper Jaffray noted, “We are initiating coverage of shares of FMC with an Overweight rating and $78 price target. We believe that FMC shares offer exposure to the strength in Latin American agriculture, while reducing crop risk with an extensive portfolio of crop protection chemicals serving a diverse group of crops. We see earnings potential of ~$5.60/share in FY15 through organic growth and margin expansion of the newly realigned Agricultural Solutions and Health & Nutrition segments. Additional tuck-in acquisitions, higher-than-expected growth in Ag, and further improvements in Minerals provide upside to our model, where we see the potential to be in management's ‘Vision 2015' EPS range of $5.75 - $6.25 (vs. Street $5.38). We believe management will continue to emphasize shareholder return through buybacks, and, with a renewed focus on higher growth segments, to divest slower growth/lower margin businesses.” FMC Corporation closed on Monday at $66.57.