In a report published Thursday, Imperial Capital analyst Scott Levine reiterated an In-Line rating on Nuverra Environmental Solutions NES, and raised the price target from $2.00 to $4.00.
In the report, Imperial Capital noted, "We are maintaining our In-Line rating on NES, and are raising our one-year price target to $4 from $2. Our price target is 16% above the recent share price. As a leading provider of environmental solutions to the oil & gas industry, we believe NES is well positioned to benefit from increased E&P spending on environmental services within a number of U.S. shale basins. That said, the company's vulnerability to challenging external factors poses earnings risk, in our view, and valuation appears reasonable, given current debt levels."
Nuverra Environmental Solutions closed on Wednesday at $3.46.
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