UPDATE: Morgan Stanley Decreases PT on Tidewater to $62

According a research report this morning, Morgan Stanley decreases the PT on Tidewater

from $67 to $62. Morgan Stanley stated, “While the negotiations with Sonangol are still in progress and no new developments were reported, TDW is exploring opportunities to move vessels from Angola as the worldwide market tightens. TDW currently operates 41 PSV and AHTS in Angola (7 US flagged) including 14 DP2 and 15 DP1. The guidance for operating expense was slightly higher than expected due to increasing wages. As a result, we have reduced our EPS to $3.17 for FY2012 and $4.92 for FY2013 from $3.98 and $6.03 respectively.” Tidewater closed Friday at $45.78 as Morgan Stanley reiterates its Overweight rating.