FMC Technologies Awarded Contract Valued at $80M (FTI)

FMC Technologies FTI has been awarded another subsea contract worth $80M. In a note to clients, Jefferies writes, "FTI remains one of the best ways for investors to play the strong demand for subsea equipment in the coming years, in our opinion. Near term, rapid growth in Fluid Control driven by domestic pressure pumping should partially offset the lower margin backlog flowing through subsea. Maintain Buy and $96 price target." FTI is trading at $88.40, down 0.56% from yesterday's close.