Global Hunter Securities Starts Core Laboratories (CLB) at Buy

December 4, 2012 8:45 AM EST
Get Alerts CLB Hot Sheet
Price: $120.69 -2.13%

Rating Summary:
    11 Buy, 10 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Global Hunter Securities initiates coverage on Core Laboratories (NYSE: CLB) with a Buy. PT $135.00.

The firm comments, "We are initiating coverage of Core Labs with a Buy rating and $135 price target on the basis of the global oil market's growing reliance upon unconventional and deepwater production and the company's status as one of the industry's go-to providers of dynamic reservoir characterization. The company specializes in enhancing recovery factors from the world's hydrocarbon reservoirs, which will be essential to the long-term preservation of the global hydrocarbon age. Although the stock isn't particularly cheap at ~21x forward earnings, the company's consistent track record of generating exceptional returns on capital relative to its peers suggests that CLB should trade at a substantial premium to the group. In our view, building visibility in the global deepwater markets and a steady prognosis for the North American onshore complex present investors with an attractive opportunity to own this best-in-class name well off its 2012 highs."

For an analyst ratings summary and ratings history on Core Laboratories click here. For more ratings news on Core Laboratories click here.

Shares of Core Laboratories closed at $102.54 yesterday.

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