Forum Energy Tech downgraded to Underweight at J.P. Morgan

• Forum Energy Technologies (FET +3.6%) is downgraded to Underweight from Neutral with a $10 price target at J.P. Morgan, which says expectations "have run too hard too fast" with other North American beta plays, and "a re-rating could lead to underperformance [in H2 2016] relative to equipment peers."
• FET shares have risen significantly since February on better expectations for normalized activity in the next cycle, but the firm sees the possibility for a retreat as expectations reset in H2 if oil prices struggle to move higher and rig counts remain volatile.
• JPM's other North American onshore Underweight-rated stocks that could underperform in a retrench in expectations include Helmerich & Payne (HP +4.2%) and Patterson-UTI Energy (PTEN +2.6%).