Seeking Alpha

FMC Tech raises to Buy at SocGen, says investor fears overblown

  • FMC Technologies (FTI +0.8%) is upgraded to Buy from Hold with a $65 price target at SocGen, which believes investor fears that subsea equipment manufacturers could experience margin headwinds from a perceived drop in large project awards are overblown.
  • The robust pace of FTI bookings and continued improvement in margin performance does not support an argument for increased project slippage, the firm says, creating a better entry point to capitalize on growth in the subsea equipment market.
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