UPDATE: Citi Lowers Superior Energy Services' PT
According to a research report published this morning, Citi has decreased Superior Energy Services' (NYSE: SPN) PT from $41 to $38.
In the report, Citi said, "SPN defied expectations with a strong quarter both in terms of the financial result (20% EPS beat, 8% EBITDA beat) and recalibrated outlook (guidance upwardly narrowed). We believe that the consensus 2012 EPS will likely settle toward the low end of or below the $3.30-$3.60 guidance range. However, we expect that SPN's term contract coverage and other mitigating factors will maintain its earnings momentum in the near-term despite widespread U.S. fracturing market concerns."
Citi maintains its Buy rating on Superior Energy Services, which is currently trading at $26.15.
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