Wunderlich Securities Downgrades TESECO Corp (TESO) to Sell; Valuation Call
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Wunderlich Securities downgrades TESECO Corp (Nasdaq: TESO) from Hold to Sell on Valuation. Price target lowered from $10 to $8.
Tesco Corporation beat our 3Q EPS estimates driven by better-than-expected Top Drive Rental earnings. Top Drive sales backlog fell to just three units and Tubular Services and Casing Drilling reported losses. More important, we see no near-term incremental earnings turnaround for Top Drives, Tubular Services, and Casing Drilling given pricing pressures. However, Tesco's stock has held up relatively well this year and we calculate it trades at a moderate premium to its peers currently."
To see more analyst ratings on TESO Click Here.
Tesco Corporation engages in the design, manufacture, and service delivery of technology based solutions for the upstream energy industry worldwide.
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