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FMC Tech downgraded to Underperform at FBR

Mar. 11, 2015 10:13 AM ETTechnipFMC plc (FTI) StockFTIBy: Carl Surran, SA News Editor
  • FMC Technologies (FTI -2.1%) is downgraded to Underperform from Market Perform with a $31 price target, reduced from $50, at FBR Capital, which believes subsea technologies faces a broader and more severe multi-year retrenchment in customer spending on subsea trees and services than it had expected earlier; subsea represented 66% of FTI's 2014 revenues and 62% of EBITDA.
  • FBR cuts its estimates for 2015 EPS to $2.48 from $3.12 and for 2015 EBITDA to $1.07B from $1.35B, as well as 2016 EPS to $1.91 from $3.03 and 2016 EBITDA to $854M from $1.32B.

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