RBC Capital Markets raised its price target on Precision Drilling (PD.TO, PDS) to CA$170 from CA$155 on Friday.

Analyst Keith Mackey maintained an outperform rating on shares of the Calgary-based oilfield services company following its Q3 results.

"Our target EV/EBITDA multiple of 4.5x assumes the stock will trade below, but move toward, its through-cycle average of ~5.5x as US market visibility and balance sheet metrics improve," Mackey said in a note to clients.

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