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Upgrade Alert for FMC Technologies (FTI)

By James Quinn

FMC Technologies (NYSE:FTI) was upgraded from Neutral to Buy at UBS today. The stock closed yesterday at $32.85 on volume of 9.1 million shares, above average daily volume of 3.1 million.

FMC Technologies (NYSE:FTI) has potential upside of 15.3% based on a current price of $32.86 and analysts' consensus price target of $37.88. The stock should find initial support at its 200-day moving average (MA) of $29.88 and further support at its 50-day MA of $27.46.

FMC Technologies, Inc. designs, manufactures, and services systems and products used in offshore, particularly deepwater, exploration and production of crude oil and natural gas. The Company also provides advanced handling and processing systems to industrial customers. FMC Technologies' subsea products include drilling and production systems, subsea tree systems, and fluid control systems.

In the past 52 weeks, shares of FMC Technologies have traded between a low of $22.30 and a high of $44.28 and closed yesterday at $32.86, which is 47% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.3%.

SmarTrend recommended that subscribers consider buying shares of FMC Technologies on August 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.96. Since that recommendation, shares of FMC Technologies have risen 16.8%. We continue to monitor FTI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades FMC Technologies

Ticker(s): FTI