Jefferies Upgrades Precision Drilling (PDS) to Hold
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Jefferies upgraded Precision Drilling (NYSE: PDS) from Underperform to Hold with a price target of $4.50 (from $4.00).
Analyst Brad Handler commented, "We upgrade PDS to Hold from U/P. Since the June 8th peak (for 2016) in the OSX, PDS shares underperformed the OSX by 1,300 bps, its land driller peers HP, PTEN and NBR by 1,800 bps and the S&P500 by 2,875 bps. There is lingering risk to shares from estimate downside, in our view, but we see positives in (1) our view that we are past the cyclical trough in NAM onshore, (2) C$456MM cash, which offsets covenant/liquidity access risk, and (3) 16% short interest."
Shares of Precision Drilling closed at $4.32 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Upgrades
Related EntitiesJefferies & Co, Standard & Poor's
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