Post by
retiredcf on Feb 13, 2023 7:55am
Quite the Contrast
Canaccord Genuity’s John Bereznicki cut his Precision Drilling Corp. target to $100 from $130 with a “hold” rating, while Raymond James’ Andrew Bradford lowered his target to $135 from $140 with a “strong buy” rating. The average is $147.39.
“While we continue to expect Precision to enjoy solid pricing and margin momentum this year, natural gas headwinds only serve to support our existing thesis that a flattening North American rig count will make it increasingly difficult for Precision to generate continued FCF growth in 2024 (barring a significant and sustained uptick in commodity prices),” Mr. Bereznicki said. “We thus see the pace of positive estimate revisions slowing significantly and are maintaining our HOLD recommendation.”
Be the first to comment on this post