UPDATE: D.A. Davidson Initiates Coverage on Team with Neutral Rating, $35 PT

In a report published Wednesday, D.A. Davidson & Co. initiated coverage on Team

with a Neutral rating and $35.00 price target. D.A. Davidson noted, “Team is well-positioned to benefit from growing demand for mechanical services amidst a revival of investment in North American oil & gas production. As U.S. refineries have become larger and more complex, maintenance has become crucial to ensure utilization at high levels, given expected production increases. Additionally, an increased regulatory focus on unplanned outages/accidents requires inspection and testing services. As a leading maintenance service provider, Team stands to benefit from these trends.” Team closed on Tuesday at $34.09.