UPDATE: Credit Suisse Initiates Coverage on TETRA Technologies with Neutral Rating, $15 PT on Blended Valuation Methodology

In a report published Thursday, Credit Suisse analyst J. Sisto initiated coverage on TETRA Technologies TTI with a Neutral rating and $15.00 price target. In the report, Credit Suisse noted, “Our $15 TP is based on a blended valuation methodology (similar to how we look at other names in our coverage), whereby we generated a blended target from a discounted cash flow (DCF) analysis, P/E and EBITDA multiples. Our 2013-15 adjusted EPS estimates are $0.29, $0.90, and $1.17, respectively.” TETRA Technologies closed on Wednesday at $11.75.