FMC price target lowered to $19 from $43 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on FMC (FMC) to $19 from $43 and keeps a Buy rating on the shares. While Q3 beat on EBITDA, management highlighted that competition from generic product in Latin America is going to be much greater than they originally expected, and the increased pricing pressure from generics is now also expected to face the company’s legacy portfolio of non-patented molecules, the analyst tells investors in a research note. The 86% dividend cut is “unfortunate” and delays the turnaround and brings leverage into focus, the firm says.