UPDATE: Deutsche Bank Raises Price Target and Estimates on Complete Production Svc

Deutsche Bank has published a report on Complete Production Svc CPX raising estimates and the price target from $41.00 to $45.00. In the report, Deutsche Bank wrote, "CPX reported Q2 EPS of $0.69 vs. $0.20, which was well-ahead of DB's forecast of $0.63 and Street $0.64. Both top-line and margins were better than expected, as increasing activity and deployment of new assets more than offset the seasonal impact of Canadian break-up and adverse weather conditions. Raising estimates We are raising our 2011 and 2012 EPS estimates to $2.91 and $3.70 from $2.57 and $3.15, respectively, to reflect improved operating trends, as more capacity arrives and margins get a boost from rising utilization and pricing. While pressure pumping overcapacity worries may linger given the amount of capacity expected to be brought into the market, CPX's strategy to enter into long-term contracts should provide some stability. Please see model details on pages 4-5." Deutsche Bank rated Complete Production Svc a BUY with a price target raised from $41.00 to $45.00. Complete Production Svc closed Friday at $40.87.