UPDATE: FIG Partners Initiates RigNet with $24.50 PT on Offshore Drilling Growth

FIG Partners initiated coverage on RigNet

with a $24.50 price target. FIG Partners noted, "We believe that the growth in the offshore drilling market is definable and investable. We also believe that with the evolution of communication equipment, and with the next generation of software products, the offshore communication market will continue to need more and more broadband capacity. RigNet is the perfect small cap under-followed name that benefits from these twin drivers of growth." RigNet closed at $18.44 price target.