UPDATE: Williams Financial Maintains Buy Rating, Lowers PT for GulfMark Offshore
In a report published earlier today, Williams Financial Group maintained its Buy rating for GulfMark Offshore, Inc. (NYSE: GLF) and lowered its price target from $62.00 to $60.00.
Williams Financial went on to say “GLF reported a sub-standard quarter and the stock traded off nearly 8%. We continue to believe in the recovery fueled by North Sea seasonal improvement and the transition of more vessels in an increasingly favorable GOM market where utilization today is 100%. The company initiated a newbuild program last fall to enhance the North Sea fleet and recently added two 270' class units to the newbuild pipeline for work in the GOM. The mid-body extension program should better position GLF for incremental UDW work as well. Though we are trimming our price target to $60, we believe this is the buying opportunity we waited for since our initiation nearly a month ago. We favor GLF for the longer-term upcycle, North Sea exposure, GOM recovery and fleet enhancement through newbuilds and the mid-body extension program.”
GulfMark Offshore, Inc. closed yesterday at $45.26.
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