FMC price target raised to $47 from $40 at RBC Capital

RBC Capital raised the firm’s price target on FMC (FMC) to $47 from $40 and keeps a Sector Perform rating on the shares as part of a broader research note on Ag Chemicals. The firm has updated its crop yield forecast model after the April WASDE report, maintaining its belief that Ag fundamentals are improving given lower Soybean stocks/use, with WASDE still expecting farmer income to improve nearly 30% in 2025 vs 2024 given higher government payments, the analyst tells investors in a research note. Price-to-cost should be flat to positive for the company given new product offerings, cost deflation, self-help and recent Fluindapyr sales collaborations, RBC added.