UPDATE: Deutsche Bank Lowers PT on Key Energy Services on Weak Q1 Results

In a report published Monday, Deutsche Bank analyst Mike Urban reiterated a Buy rating on Key Energy Services

, but slightly lowered the price target from $11.00 to $10.00. In the report, Urban noted, “No doubt about it, Q1 was a bad quarter in both the US and International businesses, but with the US bottoming and Mexico (which will be down significantly but far from zero and not permanently) representing about 10% of the business, the 17% decline in the stock seems excessive. KEG will have to hustle to get some assets re-deployed both internationally and in the US, but international demand is robust and restructuring/ efficiency efforts seem to be kicking in. KEG should also be among the earlier beneficiaries of a recovery in gas activity.” Key Energy Services closed on Friday at $5.90.