Jefferies Raises Price Target on FMC Technologies (FTI) After Adjusting Estimates
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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.
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