Citi ups Cactus target, opens ‘positive catalyst watch’

Citi analyst Scott Gruber raised the firm’s price target on Cactus (WHD) to $52 from $48 and keeps a Neutral rating on the shares. The analyst also opened a “30-day positive catalyst watch” on the shares citing the potential for an announcement of a channel partner in the Middle East. This would accelerate the company’s international expansion strategy, the analyst tells investors in a research note. Given its strong Middle East presence and lack of position in wellheads, Citi thinks Halliburton (HAL) would be a suitable partner