The Houston-based company designs, manufactures and distributes oilfield products and engages in aftermarket services, parts supplies and related services.
The higher price target reflects improved recovery prospects, the firm said.
"Even as the oil services companies cope with further deceleration in customer activity in the first half of 2016, we believe the outline of a future drilling recovery is taking shape," Keybanc wrote in an analyst note.
"But 18 months into a severe downturn in oilfield activity, there is now a reasonable basis for believing that oil prices bottomed in February and that demand for oil and gas drilling services will reach bottom in the next few months," the firm added.
Forum Energy Technologies is one of the companies that will emerge from the downturn unscathed, if not competitively strengthened, Keybanc believes.
The company's stock closed lower by 0.39% to $12.84 on Monday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
This is driven by a number of negative factors, which should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks covered by the team.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: FET