UPDATE: Jefferies Downgrades Precision Drilling to Hold
Jefferies reduced its rating on Precision Drilling (NYSE: PDS) from Buy to Hold and lowered its price target from $10 to $8.50.
Jefferies noted, "U.S. land drilling is incrementally more attractive post 3Q12 on generally in line drilling performance and evidence of some mix benefits. We wait for somewhat better visibility for US activity in 2013 before getting constructive with more stocks, but see attractive optionality for patient investors. Having said that, we downgrade PDS to Hold from Buy on a softer Canada in 2013."
Precision Drilling closed at $7.57 on Monday.
Latest Ratings for PDS
|Jul 2015||Scotia||Upgrades||Sector Perform||Outperform|
|May 2015||JP Morgan||Initiates Coverage on||Neutral|
|Apr 2015||Scotia Capital||Downgrades||Outperform||Sector Perform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.