U.S. Silica (SLCA) Added to Credit Suisse Focus List; PT to $49
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Credit Suisse added U.S. Silica Holdings (NYSE: SLCA) to its U.S. Focus List. The firm reiterated an Outperform rating and boosted its price target to $49.00 (from $42.00).
Analyst James Wicklund commented, "After two days on the road with management and conducting an industry deep dive, we increase estimates and raise our target price to $49 (from $42). The Investment Policy Committee has also added SLCA to the U.S. Focus List. This cycle, sand is the most leveraged OFS sub-segment to the recovery in production and activity in North America. We expect sand demand in 2018 to eclipse the demand level of 2014. Our rig count forecast, which drives our sand model, is ~25% below the upper end of the consensus range. This implies further potential upside for sales, margins, and the stock price to the degree our forecast proves conservative. Sand stocks should replace land drillers this cycle as the most levered to a recovery in NAM activity. We modify our 2017 / 2018 EPS estimates from $0.55 / $1.88 to $0.51 / $2.75."
Shares of U.S. Silica Holdings closed at $42.10 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesCredit Suisse, Credit Suisse US Focus List
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