TechnipFMC upgraded to Buy at Seaport Global

|About: TechnipFMC plc (FTI)|By:, SA News Editor

TechnipFMC (FTI +0.5%) is upgraded to Buy from Neutral with a $40 price target at Seaport Global, citing an overly discounted valuation and likelihood that FMC management comes out swinging on its first earnings call since merging with Technip.

Seaport believes FTI will win a relatively larger share of wallet and increase the addressable market of economic projects over the next few years.

The firm believes current subsea cycle uncertainties offer a timely opportunity to buy a core large-cap oilfield services holding as a less capital intensive way to play an offshore recovery.