UPDATE: Dahlman Rose Lowers Target to $14 on RPC

Dahlman Rose maintains its Hold rating on RPC

and lowers its price target to $14 from $17 as it revises estimates down on Chesapeake exposure and potential crowding out. Dahlman Rose says, "We are reducing our EPS estimates by 5% due to the near-term impact of Chesapeake transitioning from gas to liquids basins, the potential impact of a Chesapeake subsidiary developing its own fracturing division, and reports of mixed fracturing pricing in the Permian." RES closed at $14.96 a share on Thursday.