TechnipFMC: Jefferies maintains buy rating on stock
(CercleFinance.com) - Last night, broker Jefferies confirmed its buy rating on the oil services group TechnipFMC, in particular welcoming the outlook for its Subsea segment.
Jefferies maintains its target price at 33 euros, hence representing upside potential of over 35%.
Admittedly, acknowledges a research note, the group has missed expectations in terms of its quarterly net profit, while exceeding estimates for EBITDA, with its sales having declined. However, analysts say that all this is due to Yamal LNG, a contract that is close to completion.
Jefferies also recognises (and "finally") the improvement in the group's free cash flow after four consecutive quarters of falls. In addition, there has been a further increase in its order backlog, driven by an "impressive" Subsea segment, for the third quarter in a row.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Jefferies maintains its target price at 33 euros, hence representing upside potential of over 35%.
Admittedly, acknowledges a research note, the group has missed expectations in terms of its quarterly net profit, while exceeding estimates for EBITDA, with its sales having declined. However, analysts say that all this is due to Yamal LNG, a contract that is close to completion.
Jefferies also recognises (and "finally") the improvement in the group's free cash flow after four consecutive quarters of falls. In addition, there has been a further increase in its order backlog, driven by an "impressive" Subsea segment, for the third quarter in a row.
Copyright (c) 2018 CercleFinance.com. All rights reserved.