Jefferies Upgrades TechnipFMC (FTI) to Buy

Jefferies analyst Mark Wilson upgraded TechnipFMC (NYSE: FTI) from to Buy with a price target of $37.00 (from $30.00).

The analyst cites rising revenue forecasts through FY 2020 which are supported by recent awards and leverage to same-year "book & turn" work for the upgrade.

Wilson comments "We increase 2019 revenue +10% and now carry y/y growth of 6% vs a slight y/y fall previously. 2020 revenue increases +9%, now +8% y/y. Just as important, we demonstrate how these revenue estimates can be met (or missed/beaten) based on specific divisional backlog award evolution from here. Tracking historical backlog confirms FTI as levered to same-year "book & turn" awards."

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

Shares of TechnipFMC closed at $28.50 yesterday.

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