Barclays Defends Lufkin Industries (LUFK); Expect Better Execution Now That Bar Significantly Lower

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Barclays maintains an 'Overweight' on Lufkin Industries (NASDAQ: LUFK) price target of $74.00 (from $99.00).

Analyst, James C. West, said, "We believe that Lufkin represents a distinct way to participate in several important energy themes of the next decade, including increasing oil drilling activity, the proliferation of unconventional shale drilling, and the global energy infrastructure buildout that is under way. Although recent volatility in oil and NGL pricing in North America has slowed the rate of growth for artificial lift bookings near-term, international demand appears to be picking up the slack."

FY12 EPS estimate lowered from $4.00 to $3.10 and FY13 from $6.00 to $4.50.

For an analyst ratings summary and ratings history on Lufkin Industries click here. For more ratings news on Lufkin Industries click here.

Shares of Lufkin Industries closed at $46.65 yesterday, with a 52 week range of $42.10-$85.68.

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