UPDATE: Deutsche Bank Lowers PT on Forum Energy Tech from $29 to $27

Deutsche Bank reiterated a Buy rating on Forum Energy Tech

and lowered its price target from $29 to $27. Deutsche Bank wrote, “Continued growth likely but emphasis shifting - Although the sharp drop in orders is of some concern, FET's diverse business mix should continue to deliver growth. In particular, the Drilling & Subsea segment appears poised for renewed order growth in 2H '12, led by Subsea Technologies. While capital equipment deliveries into the US are likely to flatten out, international growth is picking up the slack. On the consumables side of the business, customer de-stocking in the US should run its course over the next quarter or two with revenues again tracking (still strong) activity levels. Alignment with key secular growth drivers remains a positive. BUY.” Forum Energy Tech closed at $21.78 on Friday.