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
|Jun 2014||Clarkson Capital||Initiates Coverage on||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.