UPDATE: Dahlman Rose Upgrades FMC Technologies to Buy Ahead of Multi-Year Recovery

Dahlman Rose upgraded FMC Technologies

from Hold to Buy and announced a $65.00 price target. Dahlman Rose noted, "A powerful wave of orders has begun to affect subsea equipment providers that in our opinion will last for at least the next five years and probably more. We believe no one will benefit more from this wave than FMC Technologies. … A major upswing in earnings is expected to begin in 2014 and push earnings up to over $3 per share in 2014, possibly to $4 in 2014 and we believe significantly higher from 2015-2020. The substantial backlog of projects poised to go into development and the continued strong ordering of ultradeepwater rigs make us optimistic that this will be a long recovery." FMC Technologies closed at $50.96 on Thursday.