UPDATE: Dahlman Rose Downgrades RPC to Sell on Likely Peer Margin Reversion

Dahlman Rose reduced its rating on RPC

from Hold to Sell with a price target of $9 a share. Dahlman Rose noted, "We see an unfavorable near-term risk-reward for RES and are assigning a $9 target. RPC's margins have held up the best so far in this downcycle probably due to low-cost guar and good utilization, but the magnitude of price deterioration and the loss of the low-cost guar advantage in 2013 should hurt margins." RPC closed at $12.84 on Tuesday.