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TechnipFMC: Jefferies downgrades stock

( - Jefferies has downgraded its rating on the TechnipFMC share to "underperform," having cut its corresponding target price from six to five euros, after the oil services group significantly cuts its earnings estimates following its Q1 results.

"TechnipFMC sees low risk of a breach as Subsea & Surface Tech (RemainCo) goodwill is fully impaired & high backlog in Technip Energies (SpinCo) supports remaining goodwill in that business," the broker notes.

"However, if separation plans are to be implemented RemainCo requires either recapitalisation or refinanced debt in our view;" the broker also warns about macro-induced operational pressure.

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