Societe Generale Maintains Hold on FMC Technologies

Societe Generale is out with its report today on FMC Technologies FTI, maintaining Hold. In a note to clients, Societe Generale writes, "FTI and other subsea peers have had a long history of exceeding EPS expectations and ratcheting up guidance. However, with products booked at a lower price during the downturn now fully flowing from backlog, and operational efficiency gains likely maxed, this trend has stalled. We believe the slight operating miss and unchanged guidance will offset the solid order results, and that FTI stock performance will likely be neutral." Societe Generale maintains a $48 PT on FTI. At the time of posting, shares of FTI were trading at $44.57, down 3.59% from Monday's close.