UPDATE: Imperial Capital Initiates Coverage on Nuverra Environmental on Good Market Position
In a report published Wednesday, Imperial Capital analyst Scott Levine initiated coverage on Nuverra Environmental Solutions (NYSE: NES) with an In-Line rating and $2.50 price target.
In the report, Imperial Capital noted, “We are initiating coverage of NES with an In-line rating and a one-year price target of $2.50, 3% above the recent share price. As a leading provider of environmental solutions to the energy and industrial markets, we believe NES is well positioned to benefit from increased E&P spending in U.S. shale fields over the next few years. That said, the company's vulnerability to external factors poses near-term earnings risk, and valuation seems reasonable in our view, given current debt levels.”
Nuverra Environmental Solutions closed on Tuesday at $2.42.
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