Citi Maintains Buy Rating and $65 PT on Lufkin Industries

A report from Citi reiterates its Buy rating and $65 price target on Lufkin Industries

. The report states, “We hosted a dinner in New York on Nov. 28 for the CEO and CFO of Lufkin Industries, affording an opportunity to look into the year ahead in terms of operational challenges and market conditions. The company's U.S. manufacturing facilities are now operating at 90% of capacity, and the North American markets for rod lift technologies are showing signs of strengthening further in 4Q11.” LUFK closed yesterday at $62.96.