Jefferies Starts RPC Inc. (RES) at Buy
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Jefferies initiates coverage on RPC Inc. (NYSE: RES) with a Buy rating and a price target of $22.00.
Analyst Brad Handler commented, "RES offers a hard-to-find combination in OFS investing of 1) significant exposure to U.S. onshore completions and specifically to hydraulic fracturing, which we expect to enjoy significant recovery and intensity growth over the next few years, 2) solid management team and 3) clean balance sheet. We see valuation headroom given upside potential and powerful medium term prospects. Initiate at Buy and $22 PT."
Shares of RPC Inc. closed at $18.28 yesterday.
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