Citi analyst Scott Gruber raised the firm’s price target on TechnipFMC to $22 from $20 and keeps a Buy rating on the shares ahead of the Q2 report. The analyst expects the company’s subsea orders for Q2 to be materially stronger than initially expected given recent announcements. The firm raised its Q2 order forecast to $3B. While the long-term outlook “appears bright” for TechnipFMC, the stock could “take a breather after the recent run” and given that the recently announced fine will be a drag on free cash flow in 2024, the analyst tells investors in a research note.
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