UPDATE: Jefferies Upgrades Superior Energy Services to Buy Following Pricing Concerns Ease
In a report published Thursday, Jefferies analyst Brad Handler upgraded the rating on Superior Energy Services (NYSE: SPN) from Hold to Buy, and raised the price target from $26.00 to $33.00.
In the report, Handler noted, “We upgrade SPN to Buy from Hold as (1) pricing concerns have eased in U.S. Completion Services and (2) prospects away from U.S. Onshore appear that much stronger, which raises confidence in 2013 EPS. We do lower 2014E to $2.95 from $3.20 on conservatism in Subsea & Technical Solutions margins, but as we raise our PT to $33 from $26 we effectively raise our target multiple to address longer term non-U.S. growth prospects.”
Superior Energy Services closed on Wednesday at $26.73.
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