TechnipFMC initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of TechnipFMC (FTI) with an Outperform rating and $37 price target The company’s ability to convert its record $14.7B backlog into profitability and grow shareholder returns underpins a strong medium-term outlook, the analyst tells investors in a research note. The firm says that with its differentiated integrated Subsea solution and track record for execution, TechnipFMC is well positioned to continue to grow its valuation and returns relative to peers.