Market Overview

UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Basic Energy Services

Related BAS
Mid-Afternoon Market Update: Dow Falls 60 Points; Neurometrix Shares Slide
Mid-Morning Market Update: Markets Edge Lower; Macy's Lowers Full-Year Forecast

In a report published Friday, Deutsche Bank reiterated its Buy rating on Basic Energy Services (NYSE: BAS), but slightly lowered its price target from $18.00 to $17.00.

Deutsche Bank noted, “While the rate of deterioration is faster than expected, the slowing markets into year-end should not be a surprise. This is all part of the bottoming process and we have expected a weak Q4 will be followed by a slow ramp up in Q1 as operator budgets reset. We reiterate our BUY rating as we look past the pricing pressures and seasonality in the near-term and continue to believe that even if E&P capex spending stays flat y/y, this would still imply an increase in oil directed activity on a leading edge basis. BAS remains well positioned to benefit from an uptick in activity next year from this lower runrate.”

Basic Energy Services closed on Thursday at $10.33.

Latest Ratings for BAS

Feb 2016Imperial CapitalMaintainsIn-line
Jan 2016Deutsche BankMaintainsBuy
Jan 2016IBERIA Capital PartnersMaintainsOutperform

View More Analyst Ratings for BAS
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Price Target Analyst Ratings


Related Articles (BAS)

Get Benzinga's Newsletters