UPDATE: Credit Suisse Reiterates On FMC Technologies On Lowered EPS Estimates

Courtesy of Benzinga.

In a report published Thursday, Credit Suisse analyst James Wicklund reiterated a Neutral rating on FMC Technologies (NYSE: FTI), but lowered the price target from $72.00 to $62.00.

In the report, Credit Suisse noted, “Expectations were for FTI to report a solid Q3 and show progress toward mid-teen Subsea Technology margins and to affirm that Subsea inbound orders would exceed $5.0bn for 2014 – mission accomplished.Subsea margins were 15.7% (their highest since 2Q10), 15% was blessed for Q4, and inbound orders of $1.1bn (bringing the YTD total to $3.8bn) solidifies the near-term outlook for shares. A major subsea order should come in before year-end and 2015 orders should be as good as 2014. The large project list for 2015 looks good, especially in Africa, but a Feb. election could push one project out. The $0.07 FX charge was from one unhedged project demonstrating the underlying strength in the quarter. The outlook by management was positive, with the caveat that low oil prices could impact business but no signs of that have been seen.”

FMC Technologies closed on Wednesday at $51.83.

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