New York, April 17 (FinanceEnquiry.com) – Analyst Stewart Glickman at S&P Capital IQ maintains his BUY rating on the shares of Superior Energy Services (NYSE: SPN). The 12-month target price is set to $38.
In a research note published today, analyst Glickman mentions that SPN shares plunged 14% year to date and underperformed flat oil services sub-industry, which led to a decline in natural gas prices during the time when SPN completed a transformative acquisition. The market seems to be overlooking SPN’s growth potential overseas, which is more oil-oriented and nicely aligned with its well intervention capabilities.
The analyst expects EPS to surpass the consensus views by mid 2012, as 2012 and 2013E EPS is set to $3.48 and $4.62, respectively. Lastly, the target price is based on the mix of DCF model and relative metrics.
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