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In a note out today, Dahlman Rose upgraded Basic Energy Services
BAS to buy from hold with a $25 price target, implying significant upside from where the shares currently trade. The research firm also raised its EPS estimates to $2.75 and $3.00 from $2.60 and $2.45 for 2012 and 2013, respectively.
“There could be upside to our estimates: 1) if there is less margin erosion than expected in the Completion segment due to a backlog through mid-2012, our 2012 EPS could be $0.15 higher. 2) If Well Service margins reach 35%, ahead of our new estimate of 33%, this could add $0.10 to our 2012 EPS,” Dahlman Rose said in the note.
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