Jefferies Raises Price Target on FMC Technologies (FTI) After Adjusting Estimates
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Jefferies reiterated a Hold rating on FMC Technologies (NYSE: FTI), and raised the price target to $33.00 (from $27.00), after adjusting estimates. Jefferies raised 2017 and 2018 estimates to $0.95 and $1.45 from $0.70 and $1.25 primarily on higher Subsea Tech margins and a modest uptick to Surface Tech revenues.
Analyst Brad Handler commented, "We grow more comfortable with the prospect of a sizeable increase in Subsea orders in 2017 and that FTI's on-going efforts to create a lower and more efficient cost base will translate into more robust margins near and long-term than previously expected. Valuation (on both a DCF and multiples basis) limits upside, however we retain our preference for FTI within our capital equipment coverage group. Raise PT to $33 from $27; maintain Hold."
Shares of FMC Technologies closed at $33.26 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- JPMorgan Downgrades Endo International plc (ENDP) to Neutral
- UPDATE: Stifel Upgrades Abraxas Petroleum (AXAS) to Buy Amid Emerging Delaware Basin Potential
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!