Cowen Downgrades Forum Energy Technologies (FET) to Market Perform
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Cowen downgraded Forum Energy Technologies (NYSE: FET) from Outperform to Market Perform and maintains a price target of $18.00, on strong stock performance and full valuation.
Analyst Marc Bianchi commented, "While Forum offers relatively more onshore exposure than other equipment stocks, a feature we like, and the benefit of restocking as the rig count recovers is unquestionably a plus, the stock performance and valuation are already reflecting these features. FET is up 74% YTD, significantly outperforming equipment peers, some of which are down as much as 24% over the same period. FET's performance has even surpassed onshore pure play stocks which, excluding frac sand, are up between 30-65%. At $22 the stock trades at 25x our 2018 EBITDA estimate. While our estimates are below consensus, we suspect owing to more muted spending in Subsea and Midstream, even on consensus FET trades at a healthy multiple of ~15x 2018 above pure play onshore focused companies, with the exception of HP and RES. We are revising our 2016/17/18 EBITDA estimates to $(15MM)/$54MM/$96MM from $(18MM)/$59MM/$108MM. Our target price remains $18."
Shares of Forum Energy Technologies closed at $21.65 yesterday.
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