UPDATE: Societe Generale Downgrades FMC Technologies to Hold Following Strong Run
Societe Generale downgraded FMC Technologies (NYSE: FTI) from Buy to Hold and raised the price target from $49.00 to $55.00.
Societe Generale noted, "We view FTI is a high quality company with large exposure (65%-70% of rev) to the strong secular growth we anticipate in offshore development. However, shares are up nearly 25% since late December and valuations now appear a bit rich to us with FTI trading at 23.5x our 2013 eps. We believe further upside exists, and adjust our target price higher (see next bullet), but do not see sufficient appreciation potential to warrant a buy rating under SGs 15% required threshold."
FMC Technologies closed at $50.40 on Wednesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.