Seeking Alpha

Basic Energy -2% after Wunderlich cuts shares to Sell

  • Basic Energy Services (BAS -1.9%) is downgraded to Sell from Hold with a $10 price target at Wunderlich after shares rose 6% last Friday even as BAS reported a weak Q3 and explained that it continues to battle through a tough market in terms of pricing and utilization across most of its business lines.
  • Despite swings in the stock price, the market for BAS' services has been difficult, which the firm's expects to continue into year-end and causes it to reduce estimates; coupled with the stock's run higher, the valuation for the shares is too rich.
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)