UPDATE: Citigroup Reiterates Buy Rating, Raises PT on Superior Energy Services on Improved Near-Term Outlook

In a report published Tuesday, Citigroup analyst Robin Shoemaker reiterated a Buy rating on Superior Energy Services (NYSE: SPN), and raised the price target from $34.00 to $38.00.In the report, Citigroup noted, “We believe that SPN has come through the North America drilling downturn in excellent shape and that it is well positioned to capture market share and to take advantage of an improving outlook for oilfield service pricing. Following a series of cost-cutting steps in 2013, SPN is poised for a quick and sustained return to earnings growth thanks to a tailwind from the markets in 2014. We believe that as free cash flow builds the company will pursue more aggressively the cash dividend and share repurchase policies it has already put in place.”Superior Energy Services closed on Monday at $32.82.