Wells upgrades FMC to Overweight on confidence in earnings bottom

Wells Fargo upgraded FMC (FMC) to Overweight from Equal Weight with a price target of $50, up from $41. The firm is “increasingly confident” that 2024 will mark the near-term bottom for FMC’s earnings given positive market trends and strategic actions. The company will be able to meet its 2025 earnings guidance, with a return to the double-digit earnings growth algorithm in 2026, the analyst tells investors in a research note. Wells views the recently announced strategic partnerships with Bayer and Corteva (CTVA) as positive drivers of demand for FMC’s new active ingredients. The deals bring validation to the technology and support faster penetration of new markets for FMC in 2026 and beyond, contends Wells.