UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Forum Energy Technologies on Benefits from Rising US Activity

In a report published Tuesday, Bank of America analyst Douglas L. Becker reiterated a Buy rating on

, and raised the price target from $30.00 to $33.00. In the report, Bank of America noted, “With the US horizontal rig count up 6% qoq in 1Q14, Forum (FET) should post higher EPS than the $0.39 in 4Q13. Downhole Technologies carries the highest incremental margins and should grow revenues at least 15% in 2014 given the 2013 capacity expansion, making 20% company-wide EBITDA margins look achievable.” Forum Energy Technologies closed on Monday at $29.89.