UPDATE: Morgan Stanley Initiates Coverage on Forum Energy Technologies with Overweight Rating, $35 PT on Positive Outlook

In a report published Tuesday, Morgan Stanley analyst Ole Slorer initiated coverage on Forum Energy Technologies FET with an Overweight rating and $35.00 price target. In the report, Morgan Stanley noted, “While operational execution has been choppy since FET's 2012 IPO, we believe current growth expectations have become realistic given strength in end user markets and easy scope for modest operational improvements. We see ~20% upside to our Base Case and >70% upside to our Bull Case.” Forum Energy Technologies closed on Monday at $29.04.