UPDATE: Citigroup Initiates Coverage on GulfMark Offshore with Buy Rating, $50 PT

In a report published Friday, Citigroup initiated coverage on GulfMark Offshore (NYSE: GLF) with a Buy rating and $50.00 price target.

Citigroup noted, “We are initiating coverage of GulfMark Offshore, Inc. (GLF) with a Buy rating and $50 price target, implying a 52% estimated total return. Our price target of $50 is 12% higher than the FactSet consensus price target of $44.56. The stock has pulled back dramatically, by 41%, from a 52-week high of $56.41 in February 2012, driven by three consecutive negative-surprise quarters, but we attribute the earnings misses to transition-year factors.”

GulfMark Offshore closed on Thursday at $33.65.

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