Key Energy cut to Sell at Wunderlich, but shares move higher

Key Energy Services (KEG +4.1%) is downgraded to Sell from Hold with a $6 price target at Wunderlich, which believes the oversupplied domestic market for many of KEG's business lines, further exacerbated by seasonality issues, should harm pricing and utilization over the next six months.

Overall in 2014, the firm expects E&Ps to remain content growing activity through increased efficiencies rather than adding to the rig count; also, the international market remains difficult given issues in Mexico and the early-stage nature of other areas.

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