Jefferies Raises GulfMark Offshore PT
Jefferies raised its GulfMark Offshore (NYSE: GLF) price target from $50 to $62 in a research report published today. Jefferies has previously given GulfMark Offshore a Buy rating.
In the report, Jefferies states, "GLF's strong 2Q11 results reflect the recent strength seen in the North Sea and a fragile, but improving GOM picture. While we still see some near term risk to earnings as some markets remain choppy, we believe GLF remains well positioned as the OSV market potentially gains meaningful pricing power over the next 12-18 months on the back of increasing demand and a stabilizing supply of vessels."
Shares of GulfMark Offshore closed today at $49.20, up 9.50% from Thursday's market close.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.