UPDATE: Sterne Agee Initiates Coverage on CARBO Ceramics with Neutral Rating, $100 PT Awaiting Better Visibility

In a report published Friday, Sterne Agee analyst Stephen D. Gengaro initiated coverage on CARBO Ceramics

with a Neutral rating and $100.00 price target. In the report, Gengaro noted, “We are initiating research on CARBO with a Neutral rating and a $100 price target. While CRR maintains a leading position in the ceramic proppant market, we believe the shares will be range-bound until better visibility surfaces on both overall U.S. activity, and more important, high pressure, high temperature activity (i.e., Haynesville, Gulf of Mexico) activity.” CARBO Ceramics closed on Thursday at $87.10.