C&J Energy +2.3% as Global Hunter upgrades to Buy


C&J Energy (CJES +2.3%) is upgraded to Buy from Neutral with a $35 price target, up from $22, at Global Hunter based on the company's leverage to an acceleration in North American onshore unconventional development.

Global Hunter see CJES as well positioned after it decided two quarters ago to ramp its capacity ahead of a potential North American upturn; the company has recently built high-quality fleets it can package in multi-service operator arrangements and is able to add capacity rapidly in-house at a ~20% discount to market prices.

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