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UPDATE: Global Hunter Securities Downgrades Dril-Quip to Neutral on Valuation

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Global Hunter Securities reduced its rating on Dril-Quip (NYSE: DRQ) from Accumulate to Neutral with a price target that was maintained at $79 a share.

Global Hunter Securities noted, "We are reducing our rating to Neutral from Accumulate as the stock is within 5% of our $79 price target, which ascribes a rich 20.5x multiple on 2013E EPS. With the stock trading near 1.5 standard deviations of its historical median and no material contract awards anticipated until later in the year, at the earliest, we think upside potential in the stock is modest at current levels and would thus rotate into other capital equipment stocks, particularly NOV."

Dril-Quip closed at $74.67 on Friday.

Latest Ratings for DRQ

DateFirmActionFromTo
Jun 2016JP MorganInitiates Coverage onNeutral
Apr 2016Piper JaffrayDowngradesOverweightNeutral
Apr 2016Cowen & CompanyMaintainsMarket Perform

View More Analyst Ratings for DRQ
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Posted-In: Global Hunter SecuritiesAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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