Mizuho upgraded FMC (FMC) to Outperform from Neutral with a price target of $49, up from $46. FMC trades at 8.5-times consensus next 12 months EBITDA, near the lowest multiple since the company’s transformation in 2017, the analyst tells investors in a research note. At the current valuation, the firm believes downside is limited and sees the stock’s risk/reward as attractive. The challenges facing FMC are well-known and mostly priced in, contends Mizuho. It believes investor focus should and will soon shift to the company’s medium- and longer-term opportunities, driven by new products that will deliver value.
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