JPMorgan analyst Sean Meakim downgraded Oil States International to Underweight from Neutral with a price target of $12, down from $14, in conjunction with his 2020 Oil Services outlook. With the shares rallying 40% in two month, they now trade towards the upper-end of equipment peers, despite downside risks to U.S. Wellsite Services results in 2020 and uncertainty regarding Downhole Technology's recently commercialized suite of integrated perforating systems, Meakim tells investors in a research note. With the "bar raised" into 2020, risk to Oil States shares is skewed lower, contends the analyst.

Oil States is down -15.5%, or -82c to $4.50.