Mizuho upgrades FMC Corp to 'outperform', raises PT

Mizuho upgrades rating on agrichemicals company FMC Corp FMC.N to "outperform" from "neutral", raises price target to $49 from $46

FMC shares up 2.3% at $41.64 in morning trade

New price target represents a 20.1% upside to the stock's last close

"While it could be difficult to look beyond the near-term...we believe the focus should and will soon shift to the medium and longer-term opportunities (driven by new products) that will deliver value" - brokerage

Says that the worst is almost over as inventory destocking ended in North America and EMEA, and volumes are normalizing

Destocking is on track to end in the next quarter or so in Latin America, and in India in early 2026

Brokerage adds that new product introductions will be the "key drivers" of growth

6 of 21 brokerages rate the stock "buy" or higher, 13 "hold" and 2 "sell" or lower; median PT is $47.50 - data compiled by LSEG

Including session's moves, stock down 16.3% YTD