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Fly News Breaks for December 9, 2019
Dec 9, 2019 | 20:08 EDT
BTIG analyst Gregory Lewis downgraded Gardner Denver to Neutral from Buy. The analyst cites his expectation of U.S. upstream spending declining about 10% in 2020 amid reduced activity and lower pricing. At WTI oil price in the mid $50's, Lewis contends that oil companies will remain focused on capital discipline and increasing efficiency. The analyst further notes that 2020 should be a "transition year", forecasting "nil orders" for new frac equipment and adding that Gardner Denver will require an uptick in high-margin upstream energy business for the stock to trade higher.
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