Goldman Sachs Starts C&J Energy Services (CJES) at Buy

Goldman Sachs initiates coverage on C&J Energy Services (NYSE: CJES) with a Buy rating and $26 price target.

"We believe CJES' transition of its hydraulic fracturing fleet from take-or-pay contracts to the spot market will occur more smoothly than most expect. While our model assumes the company will be impacted by the lower pricing environment, we see utilization holding steady on account of its operational reputation and good timing related to our higher-level call that NAM land will positively inflect in early-2013."

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 $21.08 yesterday.

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