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Banc of America Cuts Grant Prideco to Neutral

Banc of America downgraded Grant Prideco (GRP) to neutral from buy, citing a cautious view of the outlook for U.S. natural gas exposed companies.

Analyst Jim Wicklund notes Grant Prideco's exposure to North American gas drillers. Longer-term, Wicklund believes the company should still benefit from its dominant position in drill pipe and new drill bit products. He cut his $2.65 2006 earnings per share (EPS) estimate to $2.54 and his $3.22 2007 estimate to $3.02. He lowers his $54 stock price target to $48.

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