Credit Suisse Starts Core Laboratories (CLB) at Neutral
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Credit Suisse initiates coverage on Core Laboratories (NYSE: CLB) with a Neutral rating and a price target of $115.00.
Analyst Gregory Lewis commented, "CLB has built a cult following with its consistent track record of best-in-class returns and returning cash to shareholders through dividends (~2.0% yield) and share buybacks. Our call is not on the company, which is a best-in-class technology and data management service provider to the O&G sector, but on the stock. We see two headwinds: 1) a lower-for-longer offshore cycle and 2) frugal customer spending which should slow the pace of margin recovery."
Shares of Core Laboratories closed at $111.78 yesterday.
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