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RBC Capital Markets Upgrades Major Drilling

Posted on July 01, 2008

Major Drilling Group International Inc. (MJDLF.PK) has underperformed its rivals in the metals services space since early in June, having fallen nearly 30% from its January high of C$66.55. The stock is trading well off its long-term average 12-month forward price-earnings ratio of 14.9 times, and as a result, has been upgraded to outperform from sector perform at RBC Capital Markets.Analyst Angela Guo, who has a C$64 price target on Major Drilling, told clients that she expects demand for mineral drilling services to remain robust for several years. RBC forecasts relatively tig...

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drilling , trading