Morgan Stanley Downgrades Patterson-UTI Energy to Equal-Weight, Lowers Price Target to $17
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Daniel Kutz has downgraded Patterson-UTI Energy (NASDAQ:PTEN) from Overweight to Equal-Weight and lowered the price target from $20 to $17.
October 17, 2023 | 11:12 am
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Patterson-UTI Energy has been downgraded by Morgan Stanley from Overweight to Equal-Weight, with a reduced price target of $17.
The downgrade from Morgan Stanley is likely to have a negative impact on PTEN's stock price in the short term. The reduction in price target from $20 to $17 also indicates a lower expected future value for the stock, which could lead to selling pressure.
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