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Lufkin deal bodes well for Weatherford, says Cowen

Cowen believes the acquisition of Lufkin (LUFK) by General electric (GE) bodes well for its top pick Weatherford International (WFT). The firm believes the offer could spur some buying on a sum-of-the-parts valuation of Weatherford as the comparable nature of Lufkin's business lines suggests Weatherford is undervalued. Shares of Weatherford are Buy rated with an $18 price target.