Trican Well Service shares hold steady after TD Cowen raises rating, citing attractive valuation and Q2 EBITDA of $25.2M.
TD Cowen upgraded Trican Well Service (TOLWF) to Buy from Hold, setting a C$7.50 price target. The firm noted the company’s Q2 EBITDA of $25.2M came in below consensus but saw limited impact on future performance.
Shares remained little changed in Thursday trading. The upgrade follows a review of relative valuation metrics, which the firm deemed attractive compared to peers. Prior estimates had anticipated higher EBITDA for the quarter.
No immediate market reaction was observed following the rating change.