UPDATE: Global Hunter Securities Downgrades Atwood Oceanics to Accumulate on Outlook

Global Hunter Securities Atwood Oceanics

from Buy to Accumulate with a reiterated $54 price target. Global Hunter Securities said, "We are lowering our rating to Accumulate from Buy due to the lack of upside to our $54 price target (~10%) and our belief that the pending catalysts for the company (1x drillship and 2x jackup awards) will come in at the market's expectation. Additionally, given its September fiscal yearend, it will be the first offshore driller to provide 2013 P&L guidance, which we believe carries more downside than upside risk." Atwood Oceanics closed at $49.34 on Friday.