Citigroup Reiterates Buy Rating, $24 PT on C&J Energy Services

In a report published Friday, Citigroup reiterated its Buy rating and $24.00 price target on C&J Energy Services

. Citigroup noted, “We believe that the current downturn in the hydraulic fracturing services market is fully discounted in the share price of CJES. The company's strategy in the current downturn is to keep its fracturing fleets operating at rates that are competitive but also higher that the cash breakeven levels that some companies are offering. So far the strategy is working well, as evidenced by the strong financial results in 3Q12. We maintain our Buy rating on CJES and we affirm our $24 price target.” C&J Energy Services closed on Thursday at $20.69.