Alliance Global Partners analyst Jeff Grampp initiated coverage of Flotek (FTK) with a Buy rating and $7 price target. New management has driven a strong turnaround in profitability, driven by a long-term supply agreement with ProFrac (ACDC) that was initiated in 2022 and growth from non-ProFrac customers, the analyst tells investors. The firm thinks upside from Flotek’s high-margin Data Analytics business can drive a re-rating of shares as this business segment continues outsized growth, the analyst added.
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