Deutsche Bank Upgrades Pride International (PDE) to Buy
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Deutsche Bank upgrades Pride International (NYSE: PDE) from Hold to Buy with a $20 price target on transformation into a pure deepwater play.
"The firm said, " Although 1H '09 promises to be tough in the face of falling commodity prices and activity levels, we think well defined catalysts can drive outperformance. In PDE's case, it will effectively become a pure deepwater play in Q2 as it spins its commodity jackup business, a reality we believe is not reflected in current valuation, even relative to depressed peer multiples."
Pride International, Inc. provides offshore contract drilling and related services to oil and natural gas exploration and production companies.
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