MARKET TALK: Evolution Sec Cautious On Oil Services Recovery

15th Jun 2010 13:46

1246 GMT [Dow Jones] Evolution Securities Tuesday took a cautious stance on the recovery of Wellstream (WSM.LN), Hunting (HTG.LN) and John Wood Group (WG.LN), warning they may be vulnerable to potential downgrades for 2H '10 and, more significantly, 2011, because of their offshore service operations, high operational gearing, asset heavy portfolios and well-bore related businesses. Evo also said the Macondo blowout is likely to affect adversely the oil service industry. Evo downgrades them all: to neutral from add for Wellstream, cutting the target price to 600p from 700p; to add from buy on Hunting with a 600p target price cut from 700p, and to neutral from add on Wood Group with a 400p target price cut from 450p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 08:46 ET (12:46 GMT)