Societe Generale downgraded FMC Technologies 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in