Stifel Upgrades MRC Global (MRC) to Buy
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Stifel analyst Nathan Jones upgraded MRC Global (NYSE: MRC) from Hold to Buy with a price target of $7.00 (from $12.00).
The analyst comments "MRC shares sold off on Monday by 51.4% in response to the oil price war started over the weekend, before rebounding today (up 21.4% vs. XLE up 4.7%). In our view the absolute decline in the stock as well as its performance relative to close comparison DNOW suggests investors see a meaningful possibility of zero equity value in MRC shares. Our analysis of potential outcomes suggests very low chance of financial distress given counter cyclical cash flows, and our view that OPEC + cannot sustain prices at this level indefinitely."
Shares of MRC Global closed at $3.69 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Upgrades
Related EntitiesStifel, OPEC
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