Credit Suisse Starts Mammoth Energy (TUSK) at Outperform
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Credit Suisse initiates coverage on Mammoth Energy (NASDAQ: TUSK) with a Outperform rating and a price target of $16.00.
Analyst J. Wicklund commented, "We initiate on Mammoth (TUSK) with an Outperform rating and a $16 target price (~19% upside from current levels). While TUSK has several different business lines, its core market (and the market it plans to grow, completions) is the most attractive market in OFS. It now has a currency (public equity), cash, and highly respected management at the ideal point in the cycle. The stock trades at a discount to its peers (our target price is based on 6.5x 2018 EBITDA, a ~2.0x discount) due to uncertain growth and lack of history executing as a public company. Given the scarcity of equity levered toward pure-play U.S. onshore completions, the current valuation discount relative to peers, and our expectations of opportunity in the coming cycle, we would buy the stock."
Shares of Mammoth Energy closed at $13.61 yesterday.
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