UPDATE: Deutsche Bank Cuts PT to $25 on Forum Energy Technologies on NA Slowdown
Deutsche Bank reiterated its Buy rating on Forum Energy Technologies (NYSE: FET) and reduced its price target from $27 to $25.
Deutsche Bank noted, "While the impact from the slowdown in activity levels was expected, FET's diverse business mix is poised to continue to deliver growth once delayed orders get delivered and its flow equipment business bottoms out. FET's Production and Infrastructure division has held up fairly well as strength in its valves and production equipment lines helped to offset continued de-stocking in its flow equipment business. We reiterate our BUY rating as alignment with key secular growth drivers remains a positive and its international business continues to increase, helping to partially offset the slowdown in N. America."
Forum Energy Technologies closed at $ on Wednesday.
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