Wachovia Upgrades Pride International (PDE) to Outperform
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Wachovia upgrades Pride International (NYSE: PDE) from Market Perform to Outperform with a $44 to $50 valuation range. The firm also raises their 2009E EPS from $3.60 to $3.62 and increases their 2009E EPS from $4.05 to $4.20.
The firm said, "Since May 21, PDE’s stock has reached a far more attractive valuation and its fundamental story has seen some positive plot twists. Over the next 6-9 months, we now expect PDE to outperform given a superior risk-reward profile; improving Mat Supported (MS) jackup market dynamics; and its expected smooth execution of the next key steps in a self-transformation into an assertive, expanding floater-weighted offshore driller."
Pride International, Inc. provides offshore and onshore contract drilling and related services to oil and natural gas companies worldwide.
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