TechnipFMC downgraded to Hold on valuation at HSBC

HSBC downgraded TechnipFMC (FTI) to Hold from Buy with a price target of $62, up from $49. The company reported another quarterly beat with strong cash flow, but its buybacks slowed while the share rallied materially on higher oil prices, the analyst tells investors in a research note. HSBC cites valuation for the downgrade following TechnipFMC’s “exceptional run.”