UPDATE: Credit Suisse Initiates Outperform, $28 PT on Forum Energy Technologies on Secular Opportunities

Credit Suisse initiates its coverage on Forum Energy Technologies

with an Outperform rating and a price target of $28. Credit Suisse comments, "An Exciting New SMID-Cap in Oilfield Equipment: We believe that Forum Energy Technologies (FET) is positioned to benefit from several secular opportunities within oilfield equipment that can drive strong revenue and earnings growth over the next several years. We are comfortable with this strong management team's ability to manage the integration of its current product slate, much of which has come from acquisitions made over the last year, as well as to manage expected future acquisitions. Finally, we see an attractive valuation relative to oilfield equipment peers." FET closed at $21.64 on Monday.