FMC downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc last night downgraded FMC (FMC) to Sector Weight from Overweight without a price target following the Q3 report. The quarter revealed a $400M reduction in free cash flow to below breakeven level, “a problem that has persisted for at least three years,” the analyst tells investors in a research note. Further, FMC is also seeing a “sharp inflection” in competitive pressure on prices and payment terms from generic producer, adds KeyBanc. The firm lacks confidence in FMC’s collection and inventory management at this stage.