Credit Suisse Downgrades TETRA Technologies Inc. (TTI) to Neutral
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Credit Suisse downgraded TETRA Technologies Inc. (NYSE: TTI) from Outperform to Neutral with a price target of $5.00 (from $8.00), saying it has a difficult path forward.
Analyst J. Lundberg commented, "Our bull thesis on TTI has been predicated on the idea that its high-margin Fluid business would outperform expectations and drive incremental value to the shares. In light of the lowered 2017 expectations and our view that other segments of the OFS value chain will reap the rewards of the recovery sooner (i.e., sand, pressure pumping), we move to the sidelines. Our opinion of the quality of TTI's Fluids business has not changed. But our now-muddled view on the timing of a recovery in the business drives the ratings change. We'd still expect TTI's fluid business to drive meaningful shareholder value in the future."
Shares of TETRA Technologies Inc. closed at $4.80 yesterday.
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