Credit Suisse analyst Jim Wicklund initiated Covia Holdings (CVIA) with a Neutral rating and $24 price target following the completion of the previously announced strategic combination between Unimin and Fairmount Santrol. In a research note to investors, Wicklund says that while he likes the increased earnings stability at Covia, he continues to view it at a relative disadvantage vs. U.S. Silica (SLCA) and Hi-Crush (HCLP) given its lack of a native last-mile solution and its "historical reticence" to selling direct to E&Ps. He likes the frack sand space overall.