Flotek initiated with a Market Perform at Northland

Northland initiated coverage of Flotek (FTK) with a Market Perform rating and $16 price target Flotek is an industrial technology provider of specialty chemicals and data analytics, the analyst tells investors in a research note. The firm says the company’s new leadership has “driven a strong turnaround and expanded in high-margin growth markets.” However, with the stock up over 100% since the end of April, Northland awaits a better entry point or greater clarity on the timing of Flotek’s data analytics’ growth potential, which it believes “could be a game changer long-term.”