Pritchard Capital Reiters Buy Rating, $80 Price Target On FMC (FTI)

In a research report, Pritchard Capital Partners reiterated its Buy rating and price target of $80 on shares of FMC Technologies FTI. In the report, Prichard Capital writes, "Surprise, surprise, FTI killed the quarter once again on robust margins, reporting EPS of $0.78 compared to our $0.74 estimate and the $0.71 consensus forecast. With subsea and fluid control orders already exceeding last year's total, we continue to believe FTI will earn well above $3 in 2010 and 2011. Reiterate top pick status." Pritchard says that "FTI has identified several projects in the queue for Total SA offshore Angola and Nigeria, including CLOV which is valued between $500-$600 million depending on FTI’s scope, Statoil ASA in the North Sea, and believes several projects may emerge from Brazil. In total, FTI reiterated its $4 billion Energy Production Systems order forecast (we are looking for $4.3 billion). This, along with continued robust Energy Processing Systems’ orders (1H 2010 orders have already exceed all of 2009 driven by well-servicing pumps and manifold trailer demand) should set FTI up with a backlog nearing $3.2 billion, driving 2011 EPS of $3.40 applying what we believe are conservative margin assumptions." Shares of FMC are currently are trading at $61.39, down $2.35‎ on the day.