KEG Price Target Lowered

Key Energy Services, Inc.

has had its price target by Pritchard lowered from $13 to $12, but has raised EPS estimates to $0.10 from $0.02, due to its acquisition of five CT rigs from Express Energy and the assets of OFS, AND the sale of its pressure pumping business. Based on the revised target, Pritchard reiterates its "buy" rating and sees KEG creating the potential for upward revisions to its estimates and target. Key Energy Services closed yesterday at $9.40.