BofA cuts FMC price target, says selloff overdone in the short term

BofA lowered the firm’s price target on FMC (FMC) to $18 from $33 and keeps a Neutral rating on the shares following Q3 results and guidance cut. BofA told investors that the approximately 50% equity retracement makes sense to the firm as confidence has been broken, though it does see the selloff as overdone in the short term. Remaining uncertainty in the forecast and cash flows keep BofA from taking a more bullish stance on the stock, the firm added.