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Precision Drilling gets lukewarm endorsement from Piper Jaffray

  • Precision Drilling (PDS) is upgraded to Overweight from Neutral with a $4.25 price target, raised from $3.60, at Piper Jaffray, which at the same time downgraded Sanchez Energy (SN -2.7%) to Neutral from Overweight.
  • Piper says PDS screens attractively on replacement value but it is not making an implicit call that the stock should rally quickly simply on a net asset value basis, as a wide range of outcomes is possible for the stock in 2018.
  • The firm believes stocks trading below their replacement value and having no near-term debt maturities should be viewed as tactical purchases by patient investors who believe oil prices have a higher trajectory over time.

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