UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Oil States International on Approaching Headwinds

In a report published Wednesday, Credit Suisse analyst James Wicklund reiterated a Neutral rating on

, but lowered the price target from $130.00 to $116.00. In the report, Credit Suisse noted, “We are reducing our 4Q13 and 2014/15 EPS estimates to $1.44, $6.08, and $7.42 from $1.57, $6.69, and $8.02, respectively. As a result, our target price (still based on a sum of the parts valuation methodology) declines to $116 from $130. With the company's SEC Form 10 now filed and leadership having been set for the two proposed publically traded companies, we have scrubbed our model heading into year-end and 2014. Given continued weak met coal prices, a declining Australian dollar, and risks that a major customer in Australia may ‘reduce their forward room commitments beginning in March '14', we have reduced our 2014 Accommodation assumptions to more accurately reflect our more tempered outlook. Elsewhere, and as has been well documented by most US-onshore OFS companies, weather has been an issue in the 4th quarter and only exacerbated normal 4Q holiday seasonality – we see risks to Well Site Services revenues, as a result. Offshore Products should hold-up fine in Q4 as a higher level of specialty products work through the P&L.” Oil States International closed on Tuesday at $101.19.