UPDATE: Jefferies Downgrades Forum Energy Technologies to Hold on Unfavorable Near-Term Trends

In a report published Thursday, Jefferies analyst Brad Handler downgraded the rating on Forum Energy Technologies

from Buy to Hold, and slightly lowered the price target from $31.00 to $30.00. In the report, Handler noted, “We see modestly unfavorable near term trends/risk in the U.S. for FET in Drilling (less rig upgrading and slower rig count recovery) and Flow Equipment (supplier de-stocking and lower market share with Big 3 pumpers) and thus we think 2013E EPS could miss new guidance. We lower 2013E EPS to $1.70. We actually raise 2014, but in effect apply a lower multiple on nearer term EPS risk to tweak our PT to $30; downgrade to Hold from Buy.” Forum Energy Technologies closed on Wednesday at $27.20.