Pritchard Capital Sees Serious Upside On Mitcham Industries (MIND)

Pritchard Capital sees more than 30% upside in shares of Mitcham Industries (NASDAQ: MIND) after the company reported stronger than expected earnings. It has a $10 price target, and rates shares at Buy.In a note to clients, Pritchard Capital writes, "MIND reported a stronger than expected quarter. The second quarter usually is seasonally weak because of the slow down in business from Canada and Russia, but the results were significantly better on a year-over-year basis. Based on MIND's commentary, we expect the uptrend to continue and maintain our BUY rating and $10 target."Pritchard went on to say, "We are increasing our FY 2011 EPS estimate to $0.40 from $0.28. We expect the second half of the year to be significantly better than the first. Due to the winter season in Canada and Russia, the fourth quarter is usually the strongest period."Shares of Mitcham Industries are up strong today, gaining 5.3% to trade at $6.76.