TechnipFMC initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Ati Modak initiated coverage of TechnipFMC (FTI) with a Buy rating and $38 price target implying 23% upside from current levels. The firm says the company’s “differentiated offerings” and revenue model will support above peer growth. As the only fully integrated subsea solutions provider, TechnipFMC is best positioned to capture significant opportunities in the market, the analyst tells investors in a research note. Goldman believes the company’s “first mover advantage” lends itself to approximately 70% of subsea orders being direct awards, which it can drive higher based on its market leading position.