Jefferies Cuts Price Target on FMC Technologies (FTI) to $27 Following 2Q

Jefferies maintained a Hold rating on FMC Technologies (NYSE: FTI), and cut the price target to $27.00 (from $29.00), following the company's 2Q earnings report. Jefferies decided to cut 2016 EPS estimates to $0.80, from $1.00, driven by weaker Surface margins.

Analyst Brad Handler commented, "We maintain our bias for a ramp in Subsea orders in 2017 and into 2018. Mgmt has conviction regarding sustaining margins and recent results support that conviction in our view. Although Surface results in 2Q were a disappointment, seasonal weakness and thus 2H16+ recovery makes sense to us. The net impact of our changes is only a modest downward revision to ests. Shares feel fairly valued, but FTI remains our preferred Hold-rated name within Cap Equipment."

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 $27.17 yesterday.

You May Also Be Interested In

• TechnipFMC (FTI) PT Raised to $30 at BTIG
• Amazon.com (AMZN) PT Raised to $215 at UBS
• Tyler Tech (TYL) PT Raised to $500 at Oppenheimer