UPDATE: Jefferies Upgrades FMC Technologies to Hold Following On Recent Underperformance
Jefferies raised its rating on FMC Technologies (NYSE: FTI) from Underperform to Hold but lowered its price target from $42 to $41.
Jefferies said, "Underperformance has left shares fairly valued, in our view, and lower U.S. onshore estimates remove a negative catalyst. Most importantly, we remain constructive regarding subsea growth and accept 13% EBIT margin guidance for 2013 and higher margins beyond. However, we note a more challenged position in subsea boosting could delay processing as a catalyst."
FMC Technologies closed at $39.70 on Wednesday.
Latest Ratings for FTI
|Jan 2017||Bernstein||Initiates Coverage On||Underperform|
|Nov 2016||Griffin Securities||Upgrades||Neutral||Buy|
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