Global Hunter Securities Starts Precision Drilling (PDS) at Accumulate; So You're Telling Me There's a Chance?

Global Hunter Securities initiates coverage on Precision Drilling (NYSE: PDS) with a Accumulate. PT $13.00.

Global analyst says, "We are initiating coverage of PDS with an Accumulate rating on the thesis that the stock has over-corrected in anticipation of lower 2012 North American E&P capital spending. We believe that steady early-stage unconventional development in Canada, a forthcoming international expansion and the continued high grading of the North American land rig fleet are all positive developments for PDS that will drive earnings higher in 2012."

For more ratings news on Precision Drilling click here and for the rating history of Precision Drilling click here.

Shares of Precision Drilling closed at $10.68 yesterday.

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