Complete Production Services "outperform," target price raised

07/27/07 - Credit Suisse

NEW YORK, July 27 (newratings.com) - Analyst K Sill of Credit Suisse maintains his "outperform" rating on Complete Production Services (CPX), while reducing his estimates for the company. The target price has been raised from $37 to $38.

In a research note published this morning, the analyst mentions that the company has reported robust 2Q07 results, with EPS ahead of the consensus. Pricing trends remain healthy for most of Complete Production Services’ product lines, and activity for well servicing, coiled tubing, and completion services is likely to be flat to up sequentially in 3Q, the analyst says. The EPS estimates for 2007 and 2008 have been reduced from$2.63 to $2.60 and from $3.11 to $3.07, respectively, in view of the guidance.