Jefferies Downgrades Forum Energy Technologies (FET) to Hold

May 2, 2013 7:22 AM EDT Send to a Friend
Get Alerts FET Hot Sheet
Price: $19.23 --0%

Rating Summary:
    13 Buy, 9 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 13 | Down: 13 | New: 13
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Jefferies downgraded Forum Energy Technologies (NYSE: FET) from Buy to Hold with a price target of $30.00 (from $31.00).

The firm comments, "We see modestly unfavorable near term trends/risk in the U.S. for FET in Drilling (less rig upgrading and slower rig count recovery) and Flow Equipment (supplier de-stocking and lower market share with Big 3 pumpers) and thus we think 2013E EPS could miss new guidance. We lower 2013E EPS to $1.70. We actually raise 2014, but in effect apply a lower multiple on nearer term EPS risk to tweak our PT to $30; downgrade to Hold from Buy."

Jefferies cut FY 2013 EPS estimates from $1.80 to $1.70 but raised FY 2014 EPS from $2.10 to $2.30.

For an analyst ratings summary and ratings history on Forum Energy Technologies click here. For more ratings news on Forum Energy Technologies click here.

Shares of Forum Energy Technologies closed at $27.20 yesterday.

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