UPDATE: Goldman Sachs Initiates Coverage on FMC Corporation with Neutral Rating, $62 PT

In a report published Wednesday, Goldman Sachs Group initiated coverage on FMC Corporation FMC with a Neutral rating and $62.00 price target. Goldman Sachs noted, “We initiate coverage on FMC with a Neutral rating and $62 12-month price target. FMC is a rarity in the chemicals sector – a company that has not only improved its business mix and profitability metrics, but also has been rewarded by investors with the appropriate re-rating. As a result, we see limited upside to our SOTP-based price target. While FMC has a solid set of assets with enviable defensive growth exposed to secular trends like agriculture, nutrition, energy storage, and environmental remediation, we find ourselves sidelined by current valuation and recommend waiting for a better entry point.” FMC Corporation closed on Tuesday at $57.96.