TD Securities raises its price target on Precision Drilling Corp. (PD.TO) to $77 from $71 on Thursday.
Analyst Aaron MacNeil maintained a Hold rating on shares of the Canadian drilling rig contractor following its Q2 results.
"PD is employing a growth-oriented strategy that aims to capitalize on greenshoots in US gas basins at a time of heightened broader macro uncertainty," MacNeil said in a note to clients.
Our increased $77 price target reflects higher margins and market share assumptions in our DCF, partially offset by higher near-term growth capital," the analyst said.
"Commodity price strength/weakness will determine the success of this strategy in our view."
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
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