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."

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