UPDATE: Goldman Sachs Downgrades FMC Technologies to Sell on Limited Upside Potential

Goldman Sachs reduced its rating on FMC Technologies FTI from Buy to Sell and reduced its price target from $57 to $41. Goldman Sachs said, "Why now? We believe that 2013 consensus EPS estimate of $2.59 is too high (we are at $2.31), and that the stock now offers much less upside than the average of our coverage. We lower our EPS estimate due to: (1) constraints in FTI's global supply chain is resulting in slower than previously forecasted margin improvement in subsea equipment; and (2) NAM land weakness is causing higher margin degradation in the Surface Technology business than previously estimated. Our new valuation and EPS forecasts indicate limited near-to-medium-term upside in the stock." FMC Technologies closed at $39.70 on Wednesday.