FMC Technologies Still Pritchard's Top Pick (FTI)

Pritchard analysts recently met with FMC Technologies FTI management. FMC manufactures undersea production and wellhead systems, fluid control systems, and other technology for the oil and gas industry. Pritchard reiterated a Buy rating after the meeting. Pritchard values FTI at $80.00. FTI shares are currently trading at $54.99, implying 45% upside. The price target is based on a 23.5x multiple on a $3.40 2011 EPS estimate. FTI has won numerous small contracts, including a $70 million award from Statoil STO. Pritchard analysts said, "We still believe FTI to be the winner for Total's TOT CLOV project, valued in excess of $600 million, the first tranche of Petrobras’ PBR manifolds, worth over $250 million, and that is a front-runner in Husky Energy Inc.’s HSE Liwan 3-1 project, RDS’s BC-10 Phase 2 and Eni’s E Block 15."