UPDATE: Bank of America Initiates Coverage on Forum Energy Technologies

According to a research report published this morning, Bank of America has initiated Forum Energy Technologies

with a Buy rating and $31 PO. In the report, Bank of America said, "Forum is a global oilfield products company, serving the subsea, drilling, completion, production and infrastructure sectors. FET's exposure to subsea activity, increasing well complexity, growing service intensity and potential acquisitions (not in our estimates) should support annual revenue growth of 20+% over the next several years, we believe." Forum Energy Technologies closed yesterday at $21.64.