UPDATE: Bank of America Initiates Coverage on MRC Global

According to a research report published this morning, Bank of America has initiated MRC Global

with a Buy rating and $27 PO. Bank of America said in the report, "MRC is one of the largest distributors of PVF to the energy industry and one of only two offering one-stop solutions to the upstream, midstream and downstream sectors globally. In our view, strong end markets, int'l expansion and acquisitions offer upside to recurring revenue from maintenance, repair and operations (MRO) contracts." MRC Global closed yesterday at $20.25.