Chardan Capital Markets Upgrades Profire Energy (PFIE) to Buy

Chardan Capital Markets upgraded Profire Energy (NASDAQ: PFIE) from Neutral to Buy with a price target of $2.00.

Analyst James McIlree commented, "We are raising our recommendation on Profire Energy to Buy with a $2 price target, or greater than 50% upside over current levels. Since the end of May the Baker Hughes North American rig count has increased over 50% from about 400 to 624 partly on the recovery in oil prices from less than $30 per barrel to over $50 per barrel. We believe this increased activity will result in a better fiscal second half for the company and if oil prices remain stable the improving industry fundamentals could result in continued growth in fiscal (March) 2018."

For an analyst ratings summary and ratings history on Profire Energy click here. For more ratings news on Profire Energy click here.

Shares of Profire Energy closed at $1.32 yesterday.

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