Pason Systems initiated with a Buy at TD Securities

TD Securities analyst Aaron MacNeil initiated coverage of Pason Systems (PSYTF) with a Buy rating and C$16 price target. Pason, whose North American and consolidated revenues show a strong correlation with the North American rig count, offers investors seeking North American drilling activity “exposure to several desirable qualities,” the analyst says. Pason has “only one competitor of any consequence,” namely the M/D Totco subsidiary of NOV Inc. (NOV), and it had Canadian and U.S. market shares in excess of 85% and 60%, respectively, when last disclosed in 2019, the analyst tells investors.