TechnipFMC upgraded to Buy from Hold at Jefferies

Jefferies analyst Mark Wilson upgraded TechnipFMC (FTI) to Buy from Hold with a price target of $40, up from $29. The company’s subsea opportunity outlook for the next 24 months sits at record levels of about $23B on top of another new record level of booked subsea backlog for the stand-alone company in Q3, the analyst tells investors in a research note. Jefferies adds that the continual improvement of TechnipFMC’s operational and commercial delivery, along with the sustained visibility of its market position for Subsea awards, are proving difficult to ignore.