Hanover Compressor upgraded to "outperform"

www.newratings.com 03/13/2003 Wachovia Securities

NEW YORK, March 13 (New Ratings) — Analyst Yves Siegel of Wachovia Securities upgrades Hanover Compressor Company (HC: NYSE) from "market perform" to "outperform." Shares of Hanover Compressor Company, an oilfield services and drilling company, are currently trading at $6.00. According to Wachovia Securities’ research note, Hanover Compressor Company has overcome the worst contract compression conditions in 4Q02. Wachovia Securities mentions that the company is likely to exhibit improved results in its global compression operations, despite the problems in Venezuela. The analyst believes that the stock is attractively valued at the current level. The analyst, however, expresses caution regarding the Venezuelan situation and the company’s failure to attain the projected cost savings and restructuring targets. The EPS estimates for 2003 and 2004 are $0.30 and $0.70, respectively. The P/E estimates for 2003 and 2004 are 20.0x and 8.6x, respectively. Wachovia Securities upgrades Hanover Compressor Company from "market perform" to "outperform."