UPDATE: Barrington Research Initiates Coverage on Flotek Industries with Outperform Rating, $17 PT - Flotek Industries (NYSE:FTK)

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In a report published Wednesday, Barrington Research initiated coverage on Flotek Industries (NYSE: FTK) with an Outperform rating and $17.00 price target.Barrington Research noted, “We are initiating coverage of Flotek Industries with an OUTPERFORM rating and a price target of $17 per share by the end of 2013. This price target reflects a TEV/EBITDA multiple of about 12x our 2013E. It would also reflect a P/E of just over 18x on our 2013 earnings estimate. We believe these metrics account for the minimal debt--clean balance sheet, ability to generate about $20 to $40 million net cash a year and the growing opportunities in the global oil services industry.”Flotek Industries closed on Tuesday at $13.22.

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