Patterson-UTI price target raised to $9 from $7 at Goldman Sachs

Goldman Sachs raised the firm’s price target on Patterson-UTI (PTEN) to $9 from $7 and keeps a Buy rating on the shares. While geopolitical risks could create near-term challenges, there are early signs of dislocations which could present opportunities when compared to fundamentals, the analyst tells investors in a research note. The firm does not expect current geopolitical concerns to meaningfully impact long-term customer plans as significant portions of the activity increases are structural in offsetting decline rates and increasing production capacity, the firm says.