UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Cameron International Corporation
In a report published Friday, BMO Capital Markets reiterated its Outperform rating on Cameron International Corporation (NYSE: CAM), and raised its price target from $60.00 to $65.00.
BMO Capital noted, “We liked the subsea offerings and positions of both companies prior to announcement. Both industry leaders, both positioned for growth. We like the combination even more bringing step change transformation to the subsea industry that allows equipment to be designed and manufactured with a focus on the life cycle of the field and tailored to exploit SLB's renown reservoir knowledge capabilities. A first in the market. For SLB, the deal expands the installed/future installation base for production enhancement and reservoir characterization knowledge (CAM's aftermarket business too). As we've previously written SLB's intentions have been well telegraphed with recent commentary noting the potential to increase offshore recovery rates materially so the direction of the move shouldn't surprise.”
Cameron International Corporation closed on Thursday at $52.63.
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