Stephens Starts Apergy (APY) at Overweight

Stephens analyst Tommy Moll initiates coverage on Apergy (NYSE: APY) with a Overweight rating and a price target of $34.00.

The analyst comments "We are initiating Overweight with a $34 price target on Apergy (APY), which offers investors the rare combination of leading technologies and brands packaged in a nimble, independent platform with execution advantages vs. large, diversified competitors. In artificial lift, APY offers both continued opportunity for market share gains in electric submersible pumping as well as a longer-term tailwind from the pending rod lift conversion cycle. Additionally, the Company’s digital offering has demonstrated resiliency to grow the top-line double-digits amid a broader oilfield downdraft. In our opinion, the stock is oversold in the high-$20s, given 2020 industry headwinds are well-known and in 2021 we see earnings inflecting higher just as the Company approaches its leverage target and can pivot to shareholder returns."

For an analyst ratings summary and ratings history on Apergy click here. For more ratings news on Apergy click here.

Shares of Apergy closed at $27.72 yesterday.

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