Morgan Keegan Lowers PT on Pioneer Drilling Company to $16.50

Morgan Keegan is out with its report today on Pioneer Drilling Company PDC, lowering its PT to $16.50 from $20. In its report, Morgan Keegan writes, "We are lowering our price target for Pioneer to $16.50 from $20. Our updated price target is based on 15.0x our 2012 earnings estimate of $1.10/share. We are now electing to set valuation for PDC consistent with its peer group." Morgan Keegan maintains Outperform on PDC. Shares of PDC closed Monday at $13.71.