Wunderlich Securities Maintains a 'Hold' on Core Laboratories (CLB); Raises Price Target on Valuation
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Wunderlich Securities maintains a 'Hold' on Core Laboratories (NYSE: CLB), raises price target from $80 to $94.
Wunderlich analyst says, "We are raising our price target due to valuation of both the OFS names and higher confidence in the market due to higher oil prices. Core Labs business is 70% oily and internationally focused, both areas that we expect to remain flat to positive for 2009 versus negative returns for gassy domestic plays. We believe much of Core Labs earnings stability has been priced in the stock currently."
"The growth in the name lies in the recovery of domestic gas prices. Due to the continued downturn in 2Q09 and expected low domestic activity throughout 2009, we have lowered our EPS and EBITDA numbers. However, we believe future growth in revenues and earnings at Core Labs should come from its exposure to the U.S. shale plays once natural gas prices recover. The timing on this 10% of Core Labs business remains uncertain, though."
To see more analyst ratings on CLB Click Here.
Core Laboratories N.V. provides reservoir description, production enhancement, and reservoir management services to the oil and gas industry worldwide.
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