Since Mitcham Industries (MIND) released their 3rd quarter results ($0.52 EPS), First Call has raised their price target for the stock from $21.67 to $27.20. This is the largest percentage increase in a target price that I've seen all year.
My Fair Value estimate for MIND is $28.00/share. EPG members can see how I arrive at this valuation by downloading my forecast model which sits under the Sweet 16 tab.
MIND had heavy trading in the days following its earnings release. A high percentage to the current float was acquired in the $19-$20 range, so there should be strong support at that level.
I am expecting MIND to report VERY STRONG 4th quarter results.
Also of note, First Call raised the price target for GeoResources (GEOI) by $2/share last week.
MIND price target raised
MIND price target raised
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group