Goldman Sachs Upgrades Basic Energy Services (BAS) to Conviction Buy

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Goldman Sachs upgraded Basic Energy Services (NYSE: BAS) from Sell to Conviction Buy with a price target of $15.00 (from $11.00), suggesting 60 percent upside.

"BAS offers the most leverage to our thesis that the tide is turning in NAM land, driven by the conclusion of the gas-to-oil equipment migration, a bottoming of the US rig count,
and subsequent stabilization of oil/gas prices," the analyst comments.

Also, they view the capitulation by consensus and company management on forward expectations as a buy signal, the firm said.

For an analyst ratings summary and ratings history on Basic Energy Services click here. For more ratings news on Basic Energy Services click here.

Shares of Basic Energy Services closed at $9.15 yesterday, with a 52 week range of $8.52-$35.50.

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