UPDATE: Global Hunter Securities Upgrades C&J Energy Services (CJES) to Buy

Global Hunter Securities upgraded C&J Energy Services (NYSE: CJES) from Neutral to Buy.

Analyst Mark Brown said, "We see CJES as well positioned after it determined two quarters ago to ramp its capacity ahead of a potential NAM upturn. The company has recently built high quality fleets that it can package in multi-service operator arrangements and is able to add capacity rapidly in-house (at a ~20% discount to market prices). We rate CJES Buy (Neutral previously) based on its leverage to an acceleration in NAM onshore unconventional development. Our price target of $35 ($22 previously) implies multiples of 6.0x on 2015E EV/EBITDA and 13.2x on 2015E EPS."

For an analyst ratings summary and ratings history on C&J Energy Services click here. For more ratings news on C&J Energy Services click here.

Shares of C&J Energy Services closed at $29.87 yesterday.

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