UPDATE: Credit Suisse Downgrades Superior Energy Services, Inc. to Neutral, Lowers PT on Meeting the Market Head On

In a report published Monday, Credit Suisse analyst James Wicklund downgraded the rating on Superior Energy Services, Inc. SPN from Outperform to Neutral, and lowered the price target from $27.00 to $23.00. In the report, Credit Suisse noted, "Downgrading to Neutral from Outperform, TP $23 from $27. With 66% of the company's 2014 revenues coming from onshore US, our expectation for near-term commodity price weakness, and duration of the slowdown, which will only exacerbate capex cuts and activity, we are moving to Neutral on SPN. Longer-term, we think SPN has a formidable OFS company with an IG credit rate, $1 billion in liquidity, focused international expansion and disciplined ambitions for both organic and acquired growth. Our 2015/16 EPS estimates go to $0.58 / $0.54 from $1.44 / $1.83." Superior Energy Services, Inc. closed on Friday at $21.84.