Seaport Global Securities Upgrades RPC Inc. (RES) to Neutral
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Seaport Global Securities upgraded RPC Inc. (NYSE: RES) from Reduce to Neutral with a price target of $17.00 (from $14.00).
Analyst Mark Brown commented, "We sat down with Jim Landers, vice president of corporate finance, at our SGS Boston Energy Day and came away from the table more convinced that RES will deliver differentiated operating performance in a recovery over competitors that will struggle due to their higher levels of attrition and cannibalization. We are upgrading the stock to Neutral (previously Reduce). We have increased our EBITDA estimates assuming greater utilization improvements over the next few years than we had previously modeled. We have increased our price target to $17 (previously $14) based on a 10.0x multiple of our increased 2018 EBITDA estimate. Still, we remain somewhat cautious on valuation given that the stock is trading at a premium relative to peers, presenting some multiple contraction risk."
Shares of RPC Inc. closed at $16.96 yesterday.
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