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UPDATE: Morgan Stanley Initiates Coverage On Independence Contract Drilling On Interesting Small-Cap Opportunity


In a report published Tuesday, Morgan Stanley analyst Ole Slorer initiated coverage on Independence Contract Drilling (NYSE: ICD) with an Overweight rating and $16.00 price target.

In the report, Morgan Stanley noted, “ICD is currently trading at an EV/rig of $29m, well below HP at $34m. Strong fleet growth and cash flow should drive EV/rig to $26m by 4Q14 and to $22m by Y/E 2016. With a brand new fleet of ‘walking rigs' and big Permian exposure, we see ICD as an interesting small-cap opportunity.”

Independence Contract Drilling closed on Friday at $11.50.

Latest Ratings for ICD

Aug 2019MaintainsBuy
Jul 2019MaintainsEqual-Weight
Jan 2019DowngradesOverweightEqual-Weight

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Posted-In: Morgan Stanley Ole SlorerAnalyst Color Initiation Analyst Ratings


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VERMorgan StanleyMaintains9.5
VTRMorgan StanleyMaintains73.0
STORMorgan StanleyMaintains39.0
STTMorgan StanleyMaintains58.0
SRCMorgan StanleyMaintains51.0
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