TechnipFMC upgraded to Buy from Hold at HSBC

HSBC upgraded TechnipFMC (FTI) to Buy from Hold with a price target of $32, up from $23.60, following the “solid” Q3 report. The company’s record subsea backlog at higher margins is driving strong cash flow for dividends and share buybacks, the analyst tells investors in a research note. The firm says TechnipFMC continues to execute its a record $14B backlog. HSBC sees a growing energy transition in CO2 transportation and storage.