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Fly News Breaks for April 18, 2019
FMC
Apr 18, 2019 | 06:18 EDT
As previously reported, RBC Capital analyst Arun Viswanathan downgraded FMC Corp to Sector Perform from Outperform and lowered his price target to $87 from $100 to reflect the "uncertainty of Rynaxypyr and Cyazypyr patent expiration" as well as the reduced multiple from the recent lithium separation. The analyst states however that the company has an "attractive" pipeline, free cash flow, and capital return plans to justify an above-peer multiple, concluding that the downgrade is also warranted by FMC Corp stock being "closer to fairly valued".
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