TechnipFMC downgraded to Hold after ‘strong run’ at Kepler Cheuvreux

Kepler Cheuvreux analyst Bertrand Hodee downgraded TechnipFMC to Hold from Buy with a price target of $19.50, up from $19. The analyst noted that the stock is up 170% since the firm upgraded it to Buy in February of 2022, and while Kepler sees a sustained offshore oil & gas cycle, the firm has never called for a “supercycle,” additionally noting that “two emblematic offshore projects have already been postponed by at least three years.”