UPDATE: Clarkson Capital Markets Upgrades Tidewater to Outperform

Clarkson Capital Markets has published a research report on Tidewater TDW and has upgraded the company from Market Perform to Outperform after the recent pullback in shares. In the report, Clarkson Capital Markets writes, "We are upgrading Tidewater to Outperform from Market-perform as the recent pullback in shares has made the valuation more attractive particularly headed into a point in the cycle where the company should experience high earnings growth. Our revised target price is $58 ($65 previously), which represents 16.8x our FY2013 EPS estimate. We have adjusted our multiples closer to mid-cycle levels, which are roughly in-line with the 5-year historical average. Our target price is derived on a weighted average blend of calendar year 2013 target multiples of 9.0x P/E and 7.0x EV/EBITDA and our DCF valuation of $57." Clarkson Capital Markets has revised its price target to $58 on Tidewater, which is currently trading up $0.24 from yesterday's $45.74 closing price.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorUpgradesPrice TargetAnalyst RatingsClarkson Capital Markets
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!