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UPDATE: Morgan Stanley Initiates Coverage on Superior Energy Services on Attractive Potential Upside

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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

DateFirmActionFromTo
Apr 2016BarclaysUpgradesEqual-weightOverweight
Apr 2016Morgan StanleyMaintainsOverweight
Apr 2016JP MorganDowngradesOverweightNeutral

View More Analyst Ratings for SPN
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