UPDATE: Imperial Capital Re-Initiates Coverage on Ocean Rig UDW with Outperform Rating, $19.50 PT
In a report published Wednesday, Imperial Capital re-initiated coverage on Ocean Rig UDW (NASDAQ: ORIG) with an Outperform rating and $19.50 price target.
Imperial Capital noted, “We are assigning an Outperform rating to the ORIG common stock and establishing a one-year price target of $19.50, based on 11.5x our 2013 adjusted EBITDA estimate of $545mn. The contract backlog of approximately $4.5bn provides strong earnings visibility; ORIG earnings should begin to improve in the second half of 2013 and improve substantially in 2014 as the on-the-water fleet increases to nine vessels from its current size of six.”
Ocean Rig UDW closed on Tuesday at $17.47.
Latest Ratings for ORIG
|Nov 2014||Guggenheim Securities||Downgrades||Buy||Neutral|
|Aug 2014||Nordea||Downgrades||Strong Buy||Buy|
|Aug 2014||Deutsche Bank||Maintains||Buy|
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