UPDATE: Societe Generale Upgrades FMC Technologies to Buy, Reiterates $65 PT on Overblown Fears

In a report published Friday, Societe Generale analyst Edward Muztafago upgraded the rating on

from Hold to Buy, and reiterated the $65.00 price target. In the report, Societe Generale noted, “Investors have become concerned that subsea equipment manufacturers could experience margin headwinds from a perceived increased in the slippage of large project awards. FTI shares have fallen to a near three month low as a result. We believe these fears are overblown. The robust pace of FTI bookings and continued improvement in margin performance does not support an argument for increased project slippage. We believe this has created a better entry point to capitalize on robust growth in the subsea equipment market. We upgrade shares of FTI to Buy, from Hold.” FMC Technologies closed on Thursday at $54.72.