Sterne Agee upgraded FMC Technologies, Inc. FTI from Neutral to Buy and announced a $56.00 price target.
Sterne Agee said, "[W]e reiterate our belief that deepwater drilling activity and demand for subsea hardware is in the midst of a sustainable, multi-year uptrend. Over the next several years, an additional 90 floating rigs are expected to join the current fleet of roughly 300 rigs, creating visible long-term growth. After underperforming its peers in 2012, we believe it is a great time for investors to be building positions in FMC shares."
FMC Technologies closed at $43.69 on Monday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in