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Stock analysts at Wunderlich initiated coverage on shares of Superior Drilling Products (NASDAQ:SDPI) in a report issued on Tuesday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $8.00 price target on the stock. Wunderlich’s price target would indicate a potential upside of 39.37% from the company’s current price.

The analysts wrote, “We are initiating coverage of Superior Drilling Products, Inc. (SDPI) with a Buy rating and $8 target. SDPI is a manufacturer and remanufacturer of oilfield service equipment, including drill bits and other downhole tools. The company is broken down into three segments: Remanufacturing Drill Bits, Manufacturing Drill Bits, and Rental Equipment. “On May 29, 2014, SDPI purchased Hard Rock Solutions in a deal that brought the sales and service of its patented (and patent pending) Drill N Ream™ product in house, vertically integrating the company as it looks to grow the usage of this tool. With the Remanufacturing business a good source of stable revenues and income (but limited growth) and an emerging growth vehicle in Drill N Ream, we are bullish on SDPI and initiate with a Buy rating.”

Shares of Superior Drilling Products (NASDAQ:SDPI) opened at 5.74 on Tuesday. Superior Drilling Products has a 1-year low of $4.32 and a 1-year high of $6.95. The stock’s 50-day moving average is $5.70 and its 200-day moving average is $5.70. The company has a market cap of $86.3 million and a price-to-earnings ratio of 23.26.

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