Stifel analyst Stephen Gengaro upgraded FTS International to Buy from Hold with an unchanged price target of $3. The company says the company's "strong" Q4 performance and guidance increased his confidence in his 2020-2021 EBITDA and free cash flow expectations. The combination of a modestly improving near-term outlook and progress on cost savings should lead to positive free cash flow in 2020, Gengaro tells investors in a research note. In addition, frac fleet attrition combined with limited new investments in equipment should lead to a more balanced market in 2021, and will likely lead to multiple expansion in 2020 for FTS, says the analyst.