UPDATE: UBS Downgrades Frank's International (FI) to Sell
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(Updated - August 25, 2016 8:25 AM EDT)
UBS downgraded Frank's International (NYSE: FI) from Neutral to Sell with a price target of $7.50 (from $16.00). Analyst Angie Sedita said she expects relative under-performance driven by offshore exposure and valuation.
"We view Frank’s as a high-quality company (operationally and balance sheet) but see it as a 'relative under-performer' over the next 1-2 years reflecting its significant offshore exposure (70%-80% of revenues). We see outsized risk to earnings (both revenues/margins) over the intermediate term. Additionally, we are substantially cutting our earnings estimates which is resulting in a record EV/EBITDA multiple premium versus its peer group," said Sedita.
Shares of Frank's International closed at $12.37 yesterday.
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