UPDATE: Credit Suisse Initiates Superior Energy Services at Outperform on Outlook Inflection
Credit Suisse initiated Superior Energy Services (NYSE: SPN) with an Outperform rating and a $29.00 price target.
Credit Suisse noted, "SPN is a mid-cap services company that looks to be in the right place at the right time. With an inflection expected in the next several months of the overall U.S. rig count, the momentum of the U.S. rig count and the pricing declines in pressure pumping, we think the company and the stock are well positioned for a rebound. The stock has already begun that recovery and has probably gotten a bit ahead of itself; however, over the course of the next year should improve enough to not only boost results but the valuation as well."
Superior Energy Services closed at $24.97 on Thursday.
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Tags: Credit Suisse