The SMID Point: FMC (FMC.N) - Steep Revenue & EBITDA Cut Related to ~$650mm in Price Reductions Through the Channel

Citi's SMID Point roundup covers several U.S. small- and mid-cap companies and sector updates. FMC cut its revenue outlook to $65mm-$125mm and adjusted EBITDA to $(565)mm-$(510)mm, reflecting $625mm-$675mm of channel price actions, weaker demand and elevated high-priced inventory; Citi maintains Neutral/High Risk with a $12 target. Helmerich & Payne's U.S. activity beat expectations, but Saudi downtime weighs on the near term; Neutral, $43 target. Proofpoint's ~$6.3B acquisition of Varonis implies ~8x/~7x LTM/NTM revenue, and Citi raised its target to $49.75. Wingstop saw traffic improve on marketing changes, though comp expectations remain muted; Buy, $191 target. The report also reviews OCP Day 3, AI adoption implications for office REITs and September U.S. REIT fund flows.