- FMC Technologies (FTI -2.6%) is downgraded to Accumulate from Buy with a $37 price target at Seaport Global Securities, citing valuation.
- The firm says it was encouraged by new milestones in the latest quarter suggesting progress toward reducing subsea project development costs, but it reduces its earnings estimates on the lack of subsea order visibility and reduced surface and energy guidance.
- Seaport cuts its FTI price target to $37 from $38 based on an 11x multiple on its 2017 EBITDA estimate.