Market Overview

UPDATE: Societe Generale Downgrades FMC Technologies to Hold Following Strong Run

Share:
Related FTI
FMC President Buys $1M In Stock Day After Street Targets Cut
Benzinga's Top Upgrades
The Zacks Analyst Blog Highlights: Weatherford International, Southwestern Energy, Cameron International, FMC Technologies and Chesapeake Energy - Press Releases (Zacks)

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.

Latest Ratings for FTI

DateFirmActionFromTo
Jul 2015JefferiesUpgradesUnderperformHold
Jul 2015FBR CapitalUpgradesUnderperformMarket Perform
Jul 2015BairdMaintainsNeutral

View More Analyst Ratings for FTI
View the Latest Analyst Ratings

Posted-In: Societe GeneraleAnalyst Color Downgrades Analyst Ratings

 

Related Articles (FTI)

Get Benzinga's Newsletters