Jefferies last night downgraded TechnipFMC to Hold from Buy with a price target of $22, up from $18. The shares have almost tripled since the November 2021 analyst day, which outlined materially improving offshore/subsea sector outlook and confirmed a strategically transformed operating model enabling the company to truly capitalize on market dynamics, the analyst tells investors in a research note. The firm cites valuation for the downgrade, saying TechnipFMC’s “Impressive vision” is now more reflected in its valuation.
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