UPDATE: Credit Suisse Initiates Oceaneering International at Neutral; Growth Could Impact Valuation
Credit Suisse initiated Oceaneering International (NYSE: OII) with a Neutral rating and a $56.00 price target.
Credit Suisse commented, "We view OII as a very capable and efficient niche company that has enjoyed strong market share, consistent growth, and high returns for several years. It specializes in offshore equipment and services, from rigs to construction to pipeline, and LT maintenance. The continued development of the offshore, deepwater sector should continue, demonstrated by the continued roll-out of new-build rigs over the next few years. The challenge is to maintain its market share and to grow the company without significantly reducing the valuation multiple."
Oceaneering International closed at $63.21 on Thursday.
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Tags: Credit Suisse