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Fly News Breaks for September 30, 2019
FET
Sep 30, 2019 | 09:20 EDT
Citi analyst Scott Gruber downgraded Forum Energy to Neutral from Buy and lowered his price target for the shares to $1.80 from $3.00. The analyst recently cut his 2020 U.S. rig count forecast, which now calls for a 5% year-over-year decline next year. Gruber adds that despite the recent pullback in shares of land drillers, his estimates are now ~30% below consensus for 2020. He cites Forum Energy's leverage for the downgrade and expect the company's end markets to remain challenged through 2020.
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