Wells Fargo analyst Judson Bailey downgraded FTS International (FTSI) to Market Perform from Outperform citing valuation with the stock up 47% year-to-date. The shares are now discounting active fleet growth and pricing that looks "aggressive," Bailey tells investors in a research note. The analyst upgraded Oil States (OIS) to Outperform from Market Perform citing a "reasonable" long-term valuation, "more resilient" L48 completion activity and potential upside from Downhole Technologies margins. Bailey also upgraded Ranger Energy (RNGR) to Outperform to reflect an "attractive" valuation and potential free cash flow generation from its "more disciplined business approach."