Dahlman Rose Maintains Hold on Cameron International
Dahlman Rose reiterates its Hold rating on Cameron International (NYSE: CAM) as acquisitions may impact near term results.
Dahlman Rose notes, "Cameron indicated 1Q12 earnings will be hurt by significantly lower subsea revenues and low margins from LTI. Following several large subsea awards to Cameron's competitors in the past quarter, Cameron, which has yet to win any large awards this cycle, is well-positioned to win at least one of the several large projects that should be awarded in the next one to two quarters. Despite this, we believe subsea pricing is unlikely to improve until the second half of 2012."
CAM closed at $57.56 a share on Monday.
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