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Canaccord Reportedly Raises Rating and Price Target at Savanna Energy Services Corp

Canaccord Genuity analyst John Tasdemir reportedly upgraded Savanna Energy Services Corp. (SVY.TO) to a Buy and raised his price target to $11.50.

SVY's earnings were slightly below expectations, but the company's Contract Drilling division saw revenues and margins rise to their highest levels in almost two years, Tasdemir said in a note, according to the Globe and Mail.

"After spending much of 2010 re-positioning assets, we believe SVY is well positioned for superior growth over its peers as we expect EBITDA to increase 35% to 40% in 2012 year-over-year," he reportedly said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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