UPDATE: Morgan Stanley Initiates Coverage on Superior Energy Services on Attractive Potential Upside
In a report published Friday, Morgan Stanley analyst Ole Slorer initiated coverage on Superior Energy Services (NYSE: SPN) with an Overweight rating and $30.00 price target.
In the report, Morgan Stanley noted, “Initiating coverage at OW. Using our 2015E EBITDA forecast 23% below consensus that does not discount a US Land recovery and a 4.7x EBITDA multiple (5% discount to hist. given structurally lower US Land outlook), we still get ~20% upside to our $30 PT. We see attractive potential upside to a $40 ‘high mid-cycle scenario' if our bearish pressure pumping and flat rig count outlook turns out to be too cautious.”
Superior Energy Services closed on Thursday at $25.09.
Latest Ratings for SPN
|Sep 2015||Credit Suisse||Maintains||Neutral|
|Aug 2015||Imperial Capital||Maintains||Outperform|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.