Credit Suisse Downgrades Newpark Resources (NR) to Neutral

Credit Suisse downgraded Newpark Resources (NYSE: NR) from Outperform to Neutral with a price target of $10.00 (from $11.00).

Analyst J. Wicklund commented, "Small companies with highly value-added tech do not fare well in the early stages of a downcycle. Price is all that sells, as reducing costs are the paramount concern by oil company customers. The larger service companies are more than willing to bundle services, with significant discounts in already low-margin businesses, such as fluids, to cover overhead and oil companies will take whatever price break they can get. As a result, a highly "value-added" product or technology gets run over by price."

The firm cut estimates to $0.22/$0.48 from $0.50/$0.65

For an analyst ratings summary and ratings history on Newpark Resources click here. For more ratings news on Newpark Resources click here.

Shares of Newpark Resources closed at $10.00 yesterday.

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