Wunderlich Securities Reiterates Buy, Lowers PT On Superior Drilling Products Following Solid 4Q14 Report

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In a report published Monday, Wunderlich Securities analyst Jason A. Wangler reiterated a Buy rating on
Superior Drilling Products, Inc.SDPI
, but lowered the price target from $8.00 to $4.00. In the report, Wunderlich Securities noted, "Superior Drilling Products, Inc. (SDPI) reported a solid 4Q14 as EPS of $0.02 beat our $0.00 estimate and met the Street's $0.02. Revenues were previously announced but better margins allowed for the beat; as we stated on our 3.16.15 note, the numbers that we most care about do not sit on the income statement given the early-stage nature of the Drill N Ream product. "With the customer count moving from 13 to 17 sequentially and the runs approaching 200 in 4Q14 across nine basins, we believe the company is building a solid base of empirical data to show the cost savings potential of its product that couldn't be a more welcomed sight at this time. While we have reduced our estimates, primarily due to the drill bit refurbishing business that follows the rig count, we continue to like SDPI." Superior Drilling Products closed on Friday at $3.03.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsJason A. WanglerWunderlich Securities
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