UPDATE: KeyBanc Upgrades Team to Buy Post Management Meeting

KeyBanc raises its rating on TEAM TISI from Hold to Buy with a $36 price target. KeyBanc notes, "Spring Turnaround Activity was Strong, Fall Could be Stronger – we assess spring turnaround activity in North America was robust overall following a mixed start, based on our discussions with several public and private maintenance contractors at a major industry conference in late May, which bodes well for TISI's ability to reach the upper end of FY12 guidance. Further, we perceived that the fall turnaround season is shaping up to be even busier based on operators' current plans, suggesting FY13 guidance could imply upside to current consensus estimates." TISI closed at $27.89 on Friday.