FMC downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic analyst Tony Jones downgraded FMC (FMC) to Neutral from Buy with a $49 price target The firm says that “given the sheer number of moving parts with high uncertainty around them,” FMC’s risk/reward profile “has changed substantially.” The active ingredient patents for Rynaxypyr and Cyazypyr expire in 2024 and 2026, respectively, the analyst tells investors in a research note. Redburn believes that while FMC claims that its diamide revenues are protected with process patents, think they are not as “ironclad as active ingredient patents.” It believes heightened generic competition could lead to further deterioration in FMC’s expected earnings.