Barclays upgrades Innovex to Equal Weight on recent ‘key wins’

Barclays upgraded Innovex (INVX) to Equal Weight from Underweight with a price target of $20, up from $14. In the four quarters since the merger with Dril-Quip, Innovex has streamlined the business and achieved “key wins,” the analyst tells investors in a research note. The firm says the company has generated consistent free cash while its new manufacturing facility in Saudi Arabia and recently announced status as the exclusive wellhead partner for OneSubsea is “well timed.” Barclays believes Innovex shares now deserve a premium valuation multiple.