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Stock analysts at Morgan Stanley initiated coverage on shares of Independence Contract Drilling (NYSE:ICD) in a report issued on Tuesday. The firm set an “overweight” rating and a $16.00 price target on the stock. Morgan Stanley’s target price indicates a potential upside of 39.13% from the company’s current price.

The analysts wrote, “ICD is currently trading at an EV/rig of $29m, well below HP at $34m. Strong fleet growth and cash flow should drive EV/rig to $26m by 4Q14 and to $22m by Y/E 2016. With a brand new fleet of ‘walking rigs’ and big Permian exposure, we see ICD as an interesting small-cap opportunity.”

Several other analysts have also recently commented on the stock. Analysts at FBR Capital Markets initiated coverage on shares of Independence Contract Drilling in a research note on Tuesday. They set an “outperform” rating and a $14.00 price target on the stock. Separately, analysts at RBC Capital initiated coverage on shares of Independence Contract Drilling in a research note on Tuesday. They set an “outperform” rating and a $13.00 price target on the stock. Finally, analysts at Cowen and Company initiated coverage on shares of Independence Contract Drilling in a research note on Tuesday. They set an “outperform” rating and a $14.00 price target on the stock.

Shares of Independence Contract Drilling (NYSE:ICD) opened at 11.50 on Tuesday. Independence Contract Drilling has a 52-week low of $10.61 and a 52-week high of $11.61. The stock’s 50-day moving average is $11.12 and its 200-day moving average is $11.12. The company’s market cap is $257.6 million.

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