Market Overview

FIG Partners Reiterates $52 PT on Reduced Q4 2013 and FY2014 Estimates

Related TDW
Companhia Paranaense Leads Energy Sector; Peabody Drops Over 14%
Silicon Motion Surges On Strong Q2 Outlook; GT Advanced Shares Slide

In a report published Monday, FIG Partners reiterated its $52.00 price target on Tidewater (NYSE: TDW).

FIG Partners noted, “We believe that the market conditions and the demand for TDW's services will continue to improve. There are 85 jack-ups currently being under construction around the world. Out of these rigs 50 are expected to enter the market in the next 12 months and will translate in additional demand for offshore supply vessels. In addition, the supply side of the equation continues to improve as well since operators continue scrapping old vessels. We do believe in the long term prospects of the company. However, we have to take into account the short term weakness which will lead to a lower starting point for the growth that we have expected to see in FY 2014. We are bringing down our Q4, FY 2013 and FY 2014 estimates. Our new EPS estimates are as follows: new Q4 EPS $0.65 down from $0.89; new FY 2013 EPS $2.63 down from $2.73; new FY 2014 $4.50 down from $4.76.”

Tidewater closed on Friday at $50.10.

Posted-In: FIG PartnersAnalyst Color Reiteration Analyst Ratings

 

Most Popular

Related Articles (TDW)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters