Market Overview

UPDATE: Morgan Stanley Upgrades Oceaneering International to Overweight on Demand Tailwinds

Related OII
Events for the Week of Aug. 25-29th
Oceaneering Enters Deal With FMC Tech To Provide Umbilicals - Analyst Blog

Morgan Stanley upgraded Oceaneering International (NYSE: OII) from Equal-weight to Overweight and announced a $72.00 price target.

Morgan Stanley noted, "We see demand for OII's ROVs driven by (i) newbuild floating rig and vessel deliveries, (ii) increasing utilization for both. While the market remains concerned about significant newbuilding of ROVs, we estimate that there is enough demand to absorb several years of peak-level ROV building activity. As a result, we expect ROV dayrate growth to surpass cost inflation, allowing EBITDA/day to grow in the mid- to high single digits, still meaningfully below the prior cycle."

Oceaneering International closed at $56.25 on Monday.

Latest Ratings for OII

DateFirmActionFromTo
Jul 2014Deutsche BankMaintainsBuy
Jan 2014Societe GeneraleDowngradesBuyHold
Jan 2014RBC CapitalUpgradesSector PerformOutperform

View More Analyst Ratings for OII
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (OII)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters

Benzinga Professional