UPDATE: Credit Suisse Upgrades Shares of Oil States International

In a note released earlier today, Credit Suisse analyst, James Wicklund upgraded shares of Oil States International

from Neutral to Outperform and raised his price target from $60 to $72. Wicklund's confidence for Oil States in both the second half of 2014 and the long-term is increasing due to better than expected EBITDA margins posted in the second quarter and guided for the third quarter, an "all-time high" backlog of nearly $600 million, and a book-to-bill ratio of 1:1. As an additional positive, Wicklund believes that the company's Completion and Services business should continue to see solid demand and >30 percent incremental margins.