UPDATE: Global Hunter Securities Upgrades Dril-Quip (DRQ) to Buy, Orders to Set New Records in Coming Qtrs

November 12, 2012 7:07 AM EST Send to a Friend
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Price: $89.22 -2.63%

Rating Summary:
    9 Buy, 10 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 24 | New: 17
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(Updated - November 12, 2012 9:01 AM EST)

Global Hunter Securities upgraded Dril-Quip (NYSE: DRQ) from Neutral to Buy with a price target of $76.00 (from $79.00).

In the upgrade the firm comments, "While margins in Q3:12 were weaker than expected and guidance calls for flat earnings in Q4:12, orders are likely to set new records over the coming quarters. We believe that a healthy backlog will turn into higher revenues and record earnings on industry leading margins. Reflecting a reduced 2013 EPS estimate, we are revising our price target to $76 from $79. In spite of the reduction, we are upgrading our rating on DRQ to Buy from Neutral after Q3 fundamentals played out as expected, and given the order backlog and with the negative margins and uninspiring Q4 guidance out of the way, we are ready to own this name again."

For an analyst ratings summary and ratings history on Dril-Quip click here. For more ratings news on Dril-Quip click here.

Shares of Dril-Quip closed at $66.54 yesterday.


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