Goldman Sachs Upgrades Frank's International (FI) to Neutral

Goldman Sachs upgraded Frank's International (NYSE: FI) from Sell to Neutral with a price target of $21.50.

Analyst Waqar Syed said, "We upgrade FI from Sell to Neutral as it now offers 7% potential upside to our new 12-month target price of $21.50. Our rationale: (1) In recent weeks, deepwater rig activity is up 5% sequentially after being flat to down for about nine months. FI should benefit. (2) Investor/consensus expectations have been lowered, the hurdle rate is now low. (3) FI generates mid-teen ROCE and can maintain its recently raised $0.60/share annual div (2.9% yield). (4) Our long-term view that FI will face increased competition in its core deepwater Casing Services business has not changed."

For an analyst ratings summary and ratings history on Frank's International click here. For more ratings news on Frank's International click here.

Shares of Frank's International closed at $20.59 yesterday.

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