Market Overview

UPDATE: Goldman Sachs Initiates Coverage on MRC Global

Share:
Related MRC
Morning Market Losers
UPDATE: MRC Global Wins 5-Year Supplier Agreement By MarkWes

According to a research report published this morning, Goldman Sachs has initiated MRC Global (NYSE: MRC) with a Neutral rating and $20 PT.

In the report, Goldman Sachs commented," We initiate coverage of MRC Global, a $2.1 bn market cap energy distribution company, with a Neutral rating and a 12-month target of $20 (6.8x 2012 EBITDA). We are positive on MRC's position as the No. 1 NA oilfield distributor, diversity across up-, mid- and downstream markets, and potential for significant inorganic growth and international expansion. MRC also sharply outperformed end markets in 1Q and may further exceed expectations near term. However, we believe more consistent FCF is required to justify a higher valuation akin to leading industrial distributors, and rising OCTG inventories may weigh on near-term sentiment."

MRC Global is currently trading at $20.51.

Latest Ratings for MRC

DateFirmActionFromTo
Feb 2015BairdDowngradesOutperformNeutral
Feb 2015Wells FargoDowngradesOutperformMarket Perform
Oct 2014ISI GroupInitiates Coverage onBuy

View More Analyst Ratings for MRC
View the Latest Analyst Ratings

Posted-In: Goldman SachsAnalyst Color Initiation Analyst Ratings

 

Related Articles (MRC)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content