CARBO Posts Another Strong Quarter, BMO Raises Price Target (CRR)

BMO Capital Markets analyst Michael Mazar raised his price target for CARBO Ceramics CRR from $77 to $85 after the company beat Street estimates. CARBO posted Q210 EPS of $0.81, higher than consensus of $0.64. BMO raised its 2010 and 2011 EPS estimates to $3.25 and Q$4.33, up from $2.72 and $3.84. Mazar said, "CARBO’s shares trade at 12.7x 2010E and 9.9x 2011E EBITDA, a sizeable premium over its small-to-mid cap North American oilfield services peer group. We continue to like the story and believe the company is well positioned to take advantage of the secular trend toward greater frac-intensity and increasing activity in deeper, higher temperature plays." CARBO is rated Market Perform. Shares are currently trading at $81.45, near the 52-week high of $83.16.