UPDATE: Morgan Stanley Initiates Coverage On Independence Contract Drilling On Interesting Small-Cap Opportunity
In a report published Tuesday, Morgan Stanley analyst Ole Slorer initiated coverage on Independence Contract Drilling (NYSE: ICD) with an Overweight rating and $16.00 price target.
In the report, Morgan Stanley noted, “ICD is currently trading at an EV/rig of $29m, well below HP at $34m. Strong fleet growth and cash flow should drive EV/rig to $26m by 4Q14 and to $22m by Y/E 2016. With a brand new fleet of ‘walking rigs' and big Permian exposure, we see ICD as an interesting small-cap opportunity.”
Independence Contract Drilling closed on Friday at $11.50.
Latest Ratings for ICD
|Oct 2014||FBR Capital||Maintains||Outperform|
|Sep 2014||GMP Securities||Initiates Coverage on||Buy|
|Sep 2014||Tudor Pickering||Initiates Coverage on||Buy|
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