UPDATE: Deutsche Bank Initiates Forum Energy Tech with Buy, PT of $30; High Quality Mid-Cap
Deutsche Bank initiates its price target on Forum Energy Tech (NYSE: FET) with a Buy rating and a $30 price target on shares.
Deutsche Bank notes, "FET fills a significant void in the oil service space by offering investors a high quality SMID cap name with leverage to some of the strongest secular growth themes in the industry and one of the highest quality management teams we have seen in a company this size. In particular, management has positioned FET to benefit from the growth in deepwater/ subsea, rising well complexity and higher service intensity."
FET closed at $21.34 on Wednesday.
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