TechnipFMC downgraded to Hold at HSBC with near-term earnings priced in

As previously reported, HSBC downgraded TechnipFMC to Hold from Buy with a price target of $23.60, up from $23.20. TechnipFMC delivered “a solid performance in 2023” and guidance for 2024 is “also strong,” but the firm’s view is that the company is close to reaching a peak in order book growth over the next two-three years and this is already priced into the valuation. Beyond that, the firm doesn’t see another leg of growth coming in from the subsea and offshore segment, the analyst tells investors.