Cactus initiated with a Buy at Benchmark

Benchmark analyst Kurt Hallead initiated coverage of Cactus with a Buy rating and $70 price target. He views Cactus as positioned to benefit from increased E&P spending on pressure control equipment in the U.S., the Mid East, South America and Australia given how its "unique technologies and highly engineered products" help oil and gas companies improve efficiency and cut down on non-productive time.