UPDATE: Sterne Agee Upgrades FMC Technologies to Buy on 2013 Margin Inflection
Sterne Agee upgraded FMC Technologies, Inc. (NYSE: FTI) from Neutral to Buy and announced a $56.00 price target.
Sterne Agee said, "[W]e reiterate our belief that deepwater drilling activity and demand for subsea hardware is in the midst of a sustainable, multi-year uptrend. Over the next several years, an additional 90 floating rigs are expected to join the current fleet of roughly 300 rigs, creating visible long-term growth. After underperforming its peers in 2012, we believe it is a great time for investors to be building positions in FMC shares."
FMC Technologies closed at $43.69 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.