Jefferies raised its rating on FMC Technologies (NYSE:

) from Underperform to Hold but lowered its price target from $42 to $41. Jefferies said, "Underperformance has left shares fairly valued, in our view, and lower U.S. onshore estimates remove a negative catalyst. Most importantly, we remain constructive regarding subsea growth and accept 13% EBIT margin guidance for 2013 and higher margins beyond. However, we note a more challenged position in subsea boosting could delay processing as a catalyst." FMC Technologies closed at $39.70 on Wednesday.