UPDATE: Global Hunter Securities Initiates Core Laboratories NV at Buy on Deepwater Drilling Outlook
Global Hunter Securities initiated coverage on Core Laboratories NV (NYSE: CLB) with a Buy rating and a $135 price target.
Global Hunter Securities commented, "We are initiating coverage of Core Labs with a Buy rating and $135 price target on the basis of the global oil market's growing reliance upon unconventional and deepwater production and the company's status as one of the industry's go-to providers of dynamic reservoir characterization. The company specializes in enhancing recovery factors from the world's hydrocarbon reservoirs, which will be essential to the long-term preservation of the global hydrocarbon age. … In our view, building visibility in the global deepwater markets and a steady prognosis for the North American onshore complex present investors with an attractive opportunity to own this best-in-class name well off its 2012 highs."
Core Laboratories NV closed at $102.54 on Monday.
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