UPDATE: Global Hunter Securities Initiates Bristow Group at Accumulate on Valuation, Catalysts
Global Hunter Securities initiated coverage on Bristow Group (NYSE: BRS) with an Accumulate rating and a $63 price target.
Global Hunter Securities noted, "We are initiating coverage of leading global oil and gas aviation services provider BRS with an Accumulate rating and $63 price target on the basis of a vibrant deepwater exploration, development and production outlook across the company's core end markets and ongoing initiatives that should enhance capital efficiency. The favorable prognosis in key basins such as West Africa, the North Sea, Brazil and the GOM is driven by the anticipated multi-year growth in the number of floating production installations and, to a lesser extent, the deepwater rig count. BRS shares have outperformed the group during 2012 and are trading near the high end of historical valuation ranges."
Bristow Group closed at $54.65 on Thursday.
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