Seaport Global Securities Downgrades FMC Technologies (FTI) to Accumulate

Seaport Global Securities downgraded FMC Technologies (NYSE: FTI) from Buy to Accumulate with a price target of $37.00 (from $38.00) citing valuation.

Analyst Mark Brown commented, "We are lowering our rating to Accumulate (from Buy previously) based on valuation. We were encouraged by new milestones in the quarter suggesting progress toward reducing subsea project development costs. However, we have reduced our EPS estimates on the lack of subsea order visibility and lowered surface and energy guidance. We have trimmed our price target to $37 (from $38 previously) based on an 11.0x multiple on our 2017 EBITDA estimate. The stock is up 8.3% since our recent upgrade and has narrowed the gap vs. our price target to only 11%, and thus we are lowering our rating to Accumulate."

For an analyst ratings summary and ratings history on FMC Technologies click here. For more ratings news on FMC Technologies click here.

Shares of FMC Technologies closed at $33.27 yesterday.

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