UPDATE: Global Hunter Securities Initiates Tidewater with Buy, $68 PT
Global Hunter Securities initiates its coverage on Tidewater (NYSE: TDW) with a BUy rating and a price target of $68 on the basis of the company's pure play leverage to improving global offshore supply vessel (OSV) market dynamics.
Global Hunter Securities comments, "With the industry-wide boat-to-rig multiplier likely heading below the key 4.0x threshold, the world's largest OSV company should enjoy incremental pricing power over the next several quarters due to a combination of robust crude prices, favorable operator project economics and burgeoning end-user demand attendant to newbuild rig deliveries. We believe the recent weakness presents investors with an attractive opportunity to buy into a stock with pure play leverage to encouraging secular offshore dynamics."
TDW closed at $54.14 a share on Friday.
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