UPDATE: Citigroup Reiterates Buy Rating, Raises PT on C&J Energy Services on Positive Commentary

In a report published Friday, Citigroup reiterated its Buy rating on C&J Energy Services (NYSE: CJES), and raised its price target from $24.00 to $29.00.

Citigroup noted, “We have raised our price target from $24 to $29 and are reiterating our Buy rating on CJES. The rollover effect of expiring contracts continues to lower our model's earnings trajectory. However, operational metrics have held up well for CJES relative to peers throughout the market downturn. CJES is positioned to generate sufficient free cash flow to pay down its borrowings in full over the next two years. Today's market commentary may also suggest that recent oversupply pressures are in the process of moderating.”

C&J Energy Services closed on Thursday at $25.04.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.