Citi Initiates Coverage On Lufkin Industries With Buy Rating

According to Citi, Lufkin Industries LUFK coverage is initiated with a Buy rating. Citi said that it has initiated coverage of Lufkin Industries, Inc. with a Buy/High-Risk (1H) rating and an $80 price target. “Demand for artificial lift technologies supplied by Lufkin has lagged growth in oil drilling and oil well completions, but we believe demand will accelerate soon.” Lufkin Industries closed yesterday at $60.41.