UPDATE: Sterne Agee Upgrades Superior Energy Services to Buy on Solid 1Q Results

In a report published Tuesday, Sterne Agee analyst Stephen D. Gengaro upgraded the rating on Superior Energy Services SPN from Neutral to Buy, and raised the price target from $28.00 to $34.00. In the report, Gengaro noted, “SPN posted solid 1Q results bolstered by good execution and a focus on costs. We are upgrading the shares to Buy based on: 1) our belief that earnings have troughed; 2) expected strong free cash in 2013-15; 3) our confidence management is becoming more focused on deleveraging and returning cash to shareholders; and 4) the current valuation.” Superior Energy Services closed on Monday at $26.61.