As previously reported, Bernstein analyst Nicholas Green upgraded TechnipFMC to Market Perform from Underperform, with a $22 price target, as he sees limited downside at these levels. The analyst notes that the company's real problems have come into the open, namely dramatic working capital outflow, no improvement in weak internal controls, slow admission of a smaller Onshore/Offshore business, oddities in its cash balance, and patchy customer adoption of its integrated model. Consensus EBITDA for 2019 and 2020 has fallen 18% and 10% respectively since July, and more since Q3 results, Green highlights, adding that they have fallen to his view of fair value.