UPDATE: FIG Partners Initiates Tidewater with $60 PT on Offshore Boom
FIG Partners initiated coverage on Tidewater (NYSE: TDW) with a $60 price target and believes the stock is great way to play the boom in offshore drilling.
FIG Partners noted, "We believe that the upcycle in the OSV market is just beginning and with its international exposure and geographic diversification (90% of revenues derived internationally) TDW is perfectly positioned to profit from this trend. … We believe that demand for TDW's services will continue to grow with more and more rigs entering the offshore market and increasing intensity of the services required; and dayrates will only continue to increase from here."
Tidewater closed at $46.84 on Wednesday.
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