Credit Suisse Downgrades CPX To Neutral Rating

Credit Suisse has downgraded Complete Production Services CPX from Outperform to Neutral. According to the report, "Following significant relative outperformance over the past 12 months-CPX shares are up 183% vs. 46% for the OSX Index-as well as a recovery in the shares following disappointing Q4 results, we are downgrading CPX shares to Neutral from Outperform given limited upside to our 12-month target price of $32. We remain constructive on NaM spending trends as well as Pressure Pumping (PP), but we believe a Neutral rating is now warranted based on our valuation framework tied to peak earnings." CPX has a $32.00 Price Target and closed at $31.01 on Friday.