Fly News Breaks for August 1, 2019
Aug 1, 2019 | 06:22 EDT
BofA/Merrill analyst Steve Byrne downgraded FMC Corporation to Neutral but raised his price target to $94 from $90, saying that while the company beat on Q2 earnings and raised its FY19 guidance, its valuation now "more adequately" reflects its earnings potential. The analyst notes that the stock could benefit from the "bulllish Ag trade" in the near term, but cites FMC's "limited exposure" to the anticipated rebound in the U.S. corn market.
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