Global Hunter Securities Upgrades FMC Technologies (FTI) to Buy; Putting The Past Behind Us
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Price: $77.86 +0.31%
Rating Summary:
25 Buy, 18 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
25 Buy, 18 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Global Hunter Securities upgraded FMC Technologies (NYSE: FTI) from Neutral to Buy with a price target of $54.00.
Global analyst says, "Yesterday, investors punished FTI for one reason: Production Services' margins. However, management only brought down its full year margin guidance by 50 bps, implying that the exit rate for margins is still north of 14%. We have been on the sidelines on this name since the beginning of the year due to our margin degradation forecast and our view that subsea orders in major projects would be pushed into 2012. As both of those are now behind us, we are upgrading FTI to Buy from Neutral and increasing our price target to $54 based on 23x our revised 2012 estimate of $2.35, up from $2.00."
For more ratings news on FMC Technologies click here and for the rating history of FMC Technologies click here.
Shares of FMC Technologies closed at $44.87 yesterday.
Global analyst says, "Yesterday, investors punished FTI for one reason: Production Services' margins. However, management only brought down its full year margin guidance by 50 bps, implying that the exit rate for margins is still north of 14%. We have been on the sidelines on this name since the beginning of the year due to our margin degradation forecast and our view that subsea orders in major projects would be pushed into 2012. As both of those are now behind us, we are upgrading FTI to Buy from Neutral and increasing our price target to $54 based on 23x our revised 2012 estimate of $2.35, up from $2.00."
For more ratings news on FMC Technologies click here and for the rating history of FMC Technologies click here.
Shares of FMC Technologies closed at $44.87 yesterday.
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