Evercore ISI analyst Jason Bandel raised the price target on TechnipFMC (NYSE: FTI) to $83.00 (from $71.00) while maintaining a Outperform rating.

The analyst commented, "Full growth mode in Subsea. The 1Q subsea book to bill ratio of 0.9x does not change our thesis on the sustainability of the offshore subsea cycle. The cycle will extend due to increasing operator urgency around reserve replacement, the greater emphasis on energy security continuing the reallocation of capital toward offshore, and a broadening project mix across both oil and gas developments. Management reaffirmed that 2026 subsea inbounds will exceed $10B while expecting order activity will strengthen as the year progresses. 1Q subsea inbounds of ~$1.9B was supported by services and unannounced direct awards. The subsea opportunity list expanded for a seventh consecutive quarter to ~$30B, reflecting both an increase in project count and a meaningful step-up in average project size, with a growing number of large-scale developments. The breadth of the pipeline continues to improve, spanning a wider set of customers and geographies, strengthening the visibility into a sustained cycle rather than a concentrated or episodic recovery. The mix of inbound remains skewed toward higher-quality awards, with direct awards, Subsea 2.0 and iEPCI, and subsea services continuing to represent the majority of activity, supporting both backlog durability and margin progression over time. While quarterly order cadence will remain uneven, the underlying trajectory points to a step-up in inbound from 2027 through the end of the decade, driven by increasing offshore capital allocation, improved project economics, and accelerating customer engagement. The ongoing industrialization efforts across the subsea value chain will continue to drive differentiation and provide an incremental, multi-year margin tailwind on top of favorable mix. FTI also has limited Middle East exposure (less than 4% of total revenue, exposure limited to the Surface Technologies segment) and will continue to deliver high EBITDA conversion to cash flow (65% target at the midpoint of the guide). We are increasing our PT to $83, based on a 14.5x multiple on our ‘27E EBITDA, reflecting a higher market multiple."