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Fly News Breaks for June 29, 2016
FI
Jun 29, 2016 | 07:13 EDT
Evercore ISI analysts led by James West downgraded Frank's International to Hold and lowered its price target to $12 from $15. The analyst sees downside to estimates and views the current valuation as excessive and said the floater rig count is unlikely to bottom until late 2017/early 2018, and revenues are further exacerbated by pricing pressure internationally, with top line numbers unlikely to see an improvement over the next six quarters.