Street raises TechnipFMC PT on higher margin forecast

TechnipFMC

24/02/2023 13:31

** Oilfield service company TechnipFMC Plc  1T1.F , FTI.N 
raised intermediate-term outlook for 2025, with subsea revenue
forecast increased to ~$8 bln from ~$7 bln
    ** Forecast for segment's adj EBITDA margin raised to ~18%
from ~15% 
    ** JP Morgan ("overweight") raises TechnipFMC PT to $17 from
$14
    ** Evercore ISI ("outperform") raises PT to $20 from $15 
    ** Brokerage says FTI is well positioned with leading market
share in both offshore production equipment and the Middle East
    ** Stock up 15.3% YTD, as of last close
    ** Other brokerages also lift PT on the co: 
 Brokerage             Change of PT
 ATB Capital Markets   $20 from $16
 Piper Sandler         $19 from $17
 BTIG                  $18 from $15
 Cowen                 $20 from $17
 Susquehanna           $17 from $15.5
 Benchmark             $19 from $15
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))