UPDATE: Global Hunter Securities Upgrades Dresser-Rand Group; Raises PT
According to a research report published this morning, Global Hunter Securities has upgraded Dresser-Rand (NYSE: DRC) from Accumulate to Buy, and raised PT from $62 to $67.
In the report, Global Hunter Securities said, "We are upgrading DRC to Buy from Accumulate and raising our price target to $67 (from $62) on the basis of an increasingly vibrant orders forecast related to offshore production installations, shale gas-driven downstream opportunities in North America, early stage environmental solutions and steady year on year growth in Aftermarket bookings. In our view, DRC deserves consideration as a core energy holding across the cycle, particularly considering that the recent supply chain issues appear to be getting resolved expeditiously. Looking for a way to play $100 crude and $2 NAM gas? Look no further."
Dresser-Rand Group closed Friday at $47.83.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.