Forum Energy Tech upgraded to Buy at Gabelli
Forum Energy Technologies (FET +0.6%) is upgraded to Buy from Hold with a $25 price target at Gabelli, citing better than expected operating results and favorable industry trends.
The firm notes FET is leveraged to a recovery in drilling activity, beginning first on U.S. land, with 62% of the company's business derived from the U.S. and nearly all of it onshore.