TechnipFMC price target raised to $23 from $18 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on TechnipFMC to $23 from $18 and keeps a Buy rating on the shares. The analyst believes that the multi-year subsea upcycle layered over improving backlog quality and energy transition optionality should drive multiple expansion for TechnipFMC shares. BTIG adds that the company’s dominant position in subsea warrants the stock’s premium multiple relative to other oilfield service names.