UPDATE: Global Hunter Securities Initiates Forum Energy Technologies with Buy, $27 PT

Global Hunter Securities initiates its coverage on Forum Energy Technologies FET with a Buy rating and a price target of $27. Global Hunter Securities comments, "The recently IPO'd FET is a worthy mid-cap equipment manufacturing investment, in our opinion, and backed by a veteran energy PE firm, an exemplary management team and a seasoned board. We believe the recapitalized entity will take advantage of the tumultuous market we are currently in and add meaningful earnings via rolling up smaller competitors. Its leverage to consumable products and the drilling well count, which we expect to rise in spite of a flat to down rig count, will make it an outperformer vs. the OSX, in our opinion." FET closed at $20.77 on Tuesday.