Basic Energy -2% after Wunderlich cuts shares to Sell

|About: Basic Energy Services, Inc. (BAS)|By:, SA News Editor

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.