TechnipFMC price target raised to $32 from $24 at Barclays

Barclays raised the firm’s price target on TechnipFMC to $32 from $24 and keeps an Overweight rating on the shares. With the global upstream spending cycle still in the early stages, Barclays remains positive on the energy services sector, the analyst tells investors in a research note. The firm says the current cycle “appears to be at roughly the first quarter mark with at least 3-4 years of visibility in a number of key upstream markets.” While the North American market has considerably less visibility on upstream spending, it is proving to be a more rational and disciplined market than in the past following the rig count correction, says Barclays.