TD Newcrest Upgrades Precision Drilling (PDS) to Action List Buy; Strong Beat Heading into 2012

TD Newcrest upgraded Precision Drilling (NYSE: PDS) from Buy to Action List Buy, price target raised from C$16 to C$17.50.

TD analyst says, "Despite macro uncertainty driving valuations to historic lows, activity in the sector continues to be robust and performance and demand remain strong. Customers continue to communicate the desire to contract new build Tier 1 rigs for long terms both in the U.S. and Canada. Precision announced three new contracts for the rigs in build, with indication that more contracts could follow throughout the year. These new contracts indicate continued demand for top-tier rigs, although we do expect some asset movement through the short term."

For an analyst ratings summary and ratings history on Precision Drilling click here. For more ratings news on Precision Drilling click here.

Shares of Precision Drilling closed at $11.42 yesterday.

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