JPMorgan raised the firm’s price target on National Energy Services (NESR) to $19 from $10 and keeps an Overweight rating on the shares. The company’s Q3 results will “take a back seat” to its “significant” growth opportunities, which should come into focus over near-term and lead to a “step change” in its earnings power, the analyst tells investors in a research note. The firm says that based on recent industry data points and messaging from peers, National Energy is well positioned to win the pending Jafurah frac tender, which could drive a significant increase in frac stage counts and the company’s earnings power.
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