TechnipFMC: Jefferies downgrades stock
(CercleFinance.com) - Jefferies has downgraded TechnipFMC shares from "buy" to "hold", while raising its target price for them from $18 to $22, after the share's price has almost -tripled since the engineering group's CMD in November 2021.
The broker emphasizes that a better outlook for the offshore/subsea sector and confirmation of a strategically transformed operating model have enabled the company to truly capitalise on market momentum.
Jefferies says that TechnipFMC is now more fairly valued than its European peers Subsea 7 and Saipem, on which it has buy ratings for both, with a discount.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker emphasizes that a better outlook for the offshore/subsea sector and confirmation of a strategically transformed operating model have enabled the company to truly capitalise on market momentum.
Jefferies says that TechnipFMC is now more fairly valued than its European peers Subsea 7 and Saipem, on which it has buy ratings for both, with a discount.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.