Piper Sandler Reiterates Overweight Rating on TechnipFMC (FTI)

Piper Sandler analyst Luke Lemoine reiterated an Overweight rating and $34.00 price target on TechnipFMC (NYSE: FTI).

The analyst commented, "The BKR L48 rig count continued its descent last week, was -7 to 560, is -42 YTD, and is now close to the top end of our YE24 exit rate of 525 - 550. We believe this will continue to bleed away thru the rest of the year, and our focus has been more on int'l/offshore or companies that have non-OFS related businesses and include: BKR, FTI, XPRO, and WFRD. Last week, we had FTI on the road in LA and XPRO in Baltimore (recently in NY/ Boston and Dallas as well). We recently touched on XPRO's margin improvement story (link) and how EBITDA margins could climb from 20% - 22% guidance this year to the high 20% range in a few years. Similarly, we don't believe the FTI 18% Subsea margin guidance for '25 is the peak and this is merely a waypoint on a much more ambitious journey."

For an analyst ratings summary and ratings history on TechnipFMC click here. For more ratings news on TechnipFMC click here.

Shares of TechnipFMC closed at $26.15 yesterday.

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