TechnipFMC price target raised to $25 from $22 at Citi

Citi analyst Scott Gruber raised the firm’s price target on TechnipFMC to $25 from $22 and keeps a Buy rating on the shares. The company’s Q2 results were “very strong”, but a bearish theses has emerged that intake will slow and that 2024 EBITDA expectations have already been reset higher, the analyst tells investors in a research note. The firm contends however that the valuation of the stock at under 5-times expected 2025 EBITDA still fails to reflect the sustainability of high-teens subsea margins and TechnipFMC’s leadership position in a consolidating market.