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UPDATE: Raymond James Upgrades Precision Drilling Corporation to Outperform on Q4 Beat

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Raymond James upgraded Precision Drilling Corporation (NYSE: PDS) from Market Perform to Outperform and raised the price target from $10.00 to $11.00.

Raymond James said, "Precision reported a convincing 4Q beat. Reported EBITDA was $177 mln. … Precision's stock has been drifting back from its recent highs over the last three weeks (down 4% since Jan-25; the TSX Energy Services Index is flat), we believe at least partly on the general view that it had perhaps gotten ahead of itself. However, we are increasing our target price to $11.00 as a function of the underlying earnings power demonstrated in the 4Q numbers. We are also upgrading our rating to Outperform."

Precision Drilling Corporation closed at $9.15 on Thursday.

Latest Ratings for PDS

DateFirmActionFromTo
Jul 2016JefferiesMaintainsUnderweight
Jun 2016Credit SuisseDowngradesNeutralUnderperform
May 2016Raymond JamesUpgradesMarket Perform

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