Amyris downgraded to Underweight after ‘disappointing’ Q3 at JPMorgan

JPMorgan analyst Rachel Vatnsdal downgraded Amyris to Underweight from Neutral without a price target. The company reported "disappointing" Q3 results and visibility in sales growth moving forward remains unclear following management’s decision to reduce expectations for the core business in 2022-2025, Vatnsdal tells investors in a research note. The analyst also sees further downside risk on the consumer brands business in the near-term given its exposure to consumer spending and the evolving macro environment. Vatnsdal says any underperformance in the higher-margin Consumer business in the near term would further increase Amyris’s cash burn and liquidity needs and could ultimately create the potential for necessary dilutive financing.