Globe says Trican Well seen in "deep value territory" Globe says Trican Well seen in "deep value territory"
Trican Well Service Ltd (C:TCW)
Shares Issued 315,232,535
Last Close 9/24/2018 $2.22
Monday September 24 2018 - In the News
The Globe and Mail reports in its Saturday, Sept. 22, edition that Raymond James analyst Andrew Bradford cut Trican Well Service ($2.28) to "outperform" from "strong buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Bradford lowered his share target to $4.50 from $6.25. Analysts on average target the shares at $4.71. Mr. Bradford says in a note: "Trican has had a difficult 3Q and we envision 4Q being even tougher, making the stock tactically unattractive. However, the stock has checked-back meaningfully into deep value territory. Trican has been the least bad-performing equity over the last 90 days within the dismally performing Pressure Pumping sub-group -- cold comfort for shareholders primarily, and to a degree for us, with our prior Strong Buy rating. We are lowering our rating to OP2. While the valuation is still reasonably attractive -- even based on multiples of our reduced est imates (down 33 per cent in 3Q, 59 per cent in 4Q, and 47 per cent for 2019) -- we will not have line of sight to improved horsepower demand or pricing until 2Q19 at the earliest, effectively removing the primary catalysts for the stock."