UPDATE: Citi Lowers Superior Energy Services' PT

According to a research report published this morning, Citi has decreased Superior Energy Services'

PT from $41 to $38. In the report, Citi said, "SPN defied expectations with a strong quarter both in terms of the financial result (20% EPS beat, 8% EBITDA beat) and recalibrated outlook (guidance upwardly narrowed). We believe that the consensus 2012 EPS will likely settle toward the low end of or below the $3.30-$3.60 guidance range. However, we expect that SPN's term contract coverage and other mitigating factors will maintain its earnings momentum in the near-term despite widespread U.S. fracturing market concerns." Citi maintains its Buy rating on Superior Energy Services, which is currently trading at $26.15.