Cactus, Inc. (WHD) PT Raised to $40 at Barclays

Barclays analyst J. David Anderson raised the price target on Cactus, Inc. (NYSE: WHD) to $40.00 (from $38.00) while maintaining a Underweight rating.

Analyst says: "Despite a challenging 4Q, Cactus’ outlook gave us confidence that the story will
continue to get better in ’19 as our concern around margin impact of Section 301 tariffs was addressed (slight q/q decline in 1Q but nothing beyond that) and opportunities for share gains feel tangible on frac tree rentals (via completioninnovations) and even wellheads (via market penetration with Majors). We model ’19 FCF of ~$130mm (5% FCF yield) and raise our ‘19/’20E EBITDA to $238/$268mm (from $232/$258mm) and PT to $40 (from $38) based on 10x ‘20E EBITDA (unchanged)."

Shares of WHD trade up +2.36%, while SPY trades down -0.74% in Friday afternoon trading.

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