UPDATE: Williams Financial Group Initiates Superior Energy Service at Buy on Long-Term Outlook
Williams Financial Group initiated coverage on Superior Energy Service (NYSE: SPN) with a Buy rating and a price target of $30.
Williams Financial Group commented, "With the acquisition of Complete Production Services earlier in the year, SPN derived more than 70% of 2Q revenue from US onshore activity. While the timing was unfortunate, the motive for the acquisition relative to the long‐term company strategy is sound. Furthermore, we do believe management is in place to compete with the largest global service providers across a very broad product and service spectrum."
Superior Energy Services closed at $23.45 on Thursday.
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