Barclays Upgrades Frank's International (FI) to Equalweight
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Barclays analyst J David Anderson upgraded Frank's International (NYSE: FI) from Underweight to Equalweight with a price target of $4.50 (from $3.50).
The analyst comments "We recently downgraded Frank’s on the basis that offshore spending will not recover until late ‘22 with the floating rig count unlikely to bottom until the end of ‘21. Being a specialty offshore service company tied directly to offshore drilling activity, we saw little upside to estimates and felt shares were overvalued. All that changed with the announced merger with Expro Group (private) on Thursday, creating a larger, more diversified service company with greater exposure to the production phase of the well lifecycle (opex), providing a stable earnings base while still retaining upside potential once offshore markets start to grow. The announced transaction effectively de-risks our thesis on FI, resulting in our upgrade to Equal Weight as we raise our PT to $4.50 (from $3.50) based on 12x ’22 EBITDA (from 9.5x) of $64mm (unchanged)."
Shares of Frank's International closed at $4.51 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesBarclays, Earnings, Definitive Agreement
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