Morgan Stanley analyst Daniel Kutz lowered the firm’s price target on Patterson-UTI (PTEN) to $9 from $10 and keeps an Equal Weight rating on the shares. While the firm agrees that upstream activity risks have increased year-to-date, there are some offsetting factors to consider, as the market is overly pushing what it views as oilfield science and energy stocks but not fully appreciating more diversified energy S&E stocks. The firm reiterated its preference for exposure to portfolios that have relatively outsized duration and defensive/diverse characteristics offering idiosyncratic growth opportunities.
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