Imperial Capital Lowers Forbes Energy Services' Price Target

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Scott Levine of Imperial Capital lowered his price target of

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Forbes Energy Services Ltd.

(NASDAQ: FES) on Wednesday to $2 from a previous $3.50, while maintaining an In-line rating.“We view Forbes Energy Services as a likely beneficiary of the recovery in U.S. onshore E&P spending, given its attractive service portfolio and healthy positioning within several fast-growing shale basins,” Levine wrote in a note.The analyst adds that the company's risk-reward is balanced at current share price levels given a “more cautious fundamental outlook” following “significant deterioration” in crude prices.Levine does note that he will continue to monitor the company and the industry for evidence of sustainable improvement before becoming more positive and that his lowered price target accurately reflects a more cautious fundamental outlook.