UPDATE: Morgan Stanley Upgrades Carbo Ceramics to Equal-Weight
Morgan Stanley raised its rating on Carbo Ceramics (NYSE: CRR) from Underweight to Equal-weight and raised its price target from $55 to $80.
Morgan Stanley noted, "As a consumable, ceramic proppant could be an attractive way to play structural bifurcation of footage drilled vs. rig count growth. 3Q appears to alleviate “doomsday” concerns driving the CRR short thesis, and we now expect multiple re-rating for the stock; raising our PT to $80 from $55."
Carbo Ceramics closed at $61.00 on Wednesday.
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