UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Key Energy Services
In a report published Monday, Deutsche Bank reiterated its Buy rating on Key Energy Services (NYSE: KEG), but lowered its price target from $13.00 to $9.00.
Deutsche Bank noted, “KEG continues to feel the effects of slower North American activity levels, while trying to take steps to improve operating efficiencies including moving coiled tubing units to higher utilized markets and stepping up cost saving initiatives. Its international business continues to perform well and is helping to partially mitigate the decline in its US businesses. We reiterate our BUY rating while recognizing the bottoming process in North America and typical seasonal headwinds remain.”
Key Energy Services closed on Friday at $5.87.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.