UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Precision Drilling Corp. on Lower EPS
In a report published Friday, Jefferies reiterated its Hold rating on Precision Drilling Corp. (NYSE: PDS), and slightly raised its price target from $8.50 to $9.50.
Jefferies noted, “Our thinking remains more unchanged than estimate reductions, particularly for 2014, might suggest. We remain on the sidelines pending better visibility on a Canadian rebound and we are somewhat concerned about U.S. dayrates. That said, we are optimistic about gradual International and Completion & Production (C&P) expansion. We raise our PT to $9.50 from $8.50, although lower 2013E/2014E EPS to C$0.70/C$0.90 from $0.75/$1.25.”
Precision Drilling Corp. closed on Thursday at $8.41.
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