Global Hunter Securities Upgrades CARBO Ceramics Inc. (CRR) to Buy

February 1, 2013 8:08 AM EST Send to a Friend
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Price: $104.38 +0.14%

Rating Summary:
    7 Buy, 8 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 4
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Global Hunter Securities upgraded CARBO Ceramics Inc. (NYSE: CRR) from Neutral to Buy with a price target of $98.00 (from $74.00) following Q4 results.

The firm comments, " I've come to frac with you again. After close to two years on the sidelines we are upgrading CRR to Buy from Neutral. The shift towards pad drilling by operators that care about their long-term well results bodes well for steadily increasing proppant volumes. Meanwhile, its new products are gaining traction and its quality and customer service has forced out some lesser competitors. On the downside, Chinese imports can of course come back to the market and thus a lid will likely remain on pricing, but we believe CRR can squeeze at least two more pennies out of its customers over the next 24 months. As we believe a bottom has been put in place, the stock looks set to move upward as shorts ease out of their positions and the fundamentals improve. Our price target increases to $98 from $74."

For an analyst ratings summary and ratings history on CARBO Ceramics Inc. click here. For more ratings news on CARBO Ceramics Inc. click here.

Shares of CARBO Ceramics Inc. closed at $80.11 yesterday.




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