UPDATE: Barrington Research Initiates Coverage on Ion Geophysical with Outperform Rating, $8 PT

In a report published Wednesday, Barrington Research initiated coverage on Ion Geophysical Corp. IO with an Outperform rating and $8.00 price target. Barrington noted, “We are initiating coverage of ION Geophysical with an OUTPERFORM investment rating and a price target of $8.00 per share based on our estimates for TEV/EBITDA and TEV/Sales for 2013. The company is a leader in solutions and systems for the seismic industry and is expected to benefit from increased demand driven by complex and unconventional reservoirs around the world.” Ion Geophysical Corp. closed on Tuesday at $6.03.