UPDATE: Global Hunter Upgrades FMC Technologies to Buy

Global Hunter is out with its report today on FMC Technologies (NYSE: FTI), upgrading FTI from Neutral to Buy.

In a note to clients, Global Hunter writes, "Yesterday, investors punished FTI for one reason: Production Services' margins. However, management only brought down its full year margin guidance by 50 bps, implying that the exit rate for margins is still north of 14%. We have been on the sidelines on this name since the beginning of the year due to our margin degradation forecast and our view that subsea orders in major projects would be pushed into 2012. As both of those are now behind us, we are upgrading FTI to Buy from Neutral and increasing our price target to $54 (from $49) based on 23x our revised 2012 estimate of $2.35, up from $2.00."

At the time of posting, shares of FTI were trading at $44.91, up 0.09% from Tuesday's close.