FMC downgraded to Neutral from Buy at UBS

UBS downgraded FMC (FMC) to Neutral from Buy with a price target of $38, down from $66. The firm no longer sees the potential for a 2025 market bounce in crop chemicals demand, and says FMC’s strategy pivot “now adds a degree of execution risk.” This will lead to sustained pressure on the shares near term, and potentially a structural de-rating as debates on diamide patents persist for years to come, the analyst tells investors in a research note.