Morgan Stanley analyst Daniel Kutz downgraded Patterson-UTI to Equal Weight from Overweight with a price target of $17, down from $20. A recent Middle East trip left the firm incrementally more bullish on international capex growth and earnings prospects for global oil field services stocks. However, “broadly offsetting” macro dynamics leaves the analyst more neutral on North America names. Morgan Stanley has a “more tactically cautious” view on Patterson-UTI into the Q3 report.
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