UPDATE: D.A. Davidson Reiterates Neutral Rating, Raises PT on Team
In a report published Wednesday, D.A. Davidson & Co. reiterated its Neutral rating on Team (NYSE: TISI), and raised its price target from $35.00 to $44.00.
D.A. Davidson noted, “Team continues to drive impressive revenue growth (27% including 24% organic) with particular strength in its inspection services and turnaround work. Market share gains, expanded service offerings and a healthy energy sector in North America all contributed to the improvement. We expect trends to continue as refiners take advantage of lower cost domestic crude and owners and regulators continue to focus on integrity and safety of infrastructure. Additionally, Team continues to expand service lines, adding capabilities in North American pipeline infrastructure, storage tank inspection, and other services.”
Team closed on Tuesday at $41.88.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: D.A. Davidson & Co.