UPDATE: Pritchard Raises PT on RPC to $40

Pritchard is out with its report today on RPC RES, raising its PT from $32 to $40. In a note to clients, Pritchard writes, "We are raising our target to $40 from $32, based on the same 14.1x forward P/E multiple on our estimated 2012 EPS of $2.83." Pritchard maintains Buy on RPC. At the time of posting, shares of RES were trading pre-market at $24.90, up 2.55% from Wednesday's close.