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UPDATE: Global Hunter Securities Upgrades Dril-Quip to Buy on Backlog Levels

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UPDATE: Dril-Quip Posts Upbeat Q4 Results, But Issues Weak Earnings Forecast
Stocks Hitting 52-Week Lows

Global Hunter Securities raised its rating on Dril-Quip (NYSE: DRQ) from Neutral to Buy while reducing its price target from $79 to $76.

Global Hunter Securities commented, "While margins in Q3:12 were weaker than expected and guidance calls for flat earnings in Q4:12, orders are likely to set new records over the coming quarters. We believe that a healthy backlog will turn into higher revenues and record earnings on industry leading margins. Reflecting a reduced 2013 EPS estimate, we are revising our price target to $76 from $79. In spite of the reduction, we are upgrading our rating on DRQ to Buy from Neutral after Q3 fundamentals played out as expected, and given the order backlog and with the negative margins and uninspiring Q4 guidance out of the way, we are ready to own this name again."

Dril-Quip closed at $66.54 on Friday.

Latest Ratings for DRQ

DateFirmActionFromTo
Aug 2015Johnson RiceUpgradesHoldBuy
Jul 2015Bank of AmericaDowngradesBuyNeutral
May 2015BarclaysMaintainsUnderweight

View More Analyst Ratings for DRQ
View the Latest Analyst Ratings

Posted-In: Global Hunter SecuritiesAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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