UPDATE: FIG Partners Raises PT on Geospace Technologies Corp. After Q4 EPS
In a report published Friday, FIG Partners raised its price target on Geospace Technologies Corp. (NASDAQ: GEOS) from $105.00 to $125.00.
FIG Partners noted, “Geospace Technologies announced an EPS of $1.70 for the quarter that ended Dec 2012 vs. our estimate of $1.17 and the Street's estimate of $1.18. The upside surprise came from the top line- revenues of $77.8 Millions reported vs. the $63.3 Mil. we expected. The majority of the EPS upside came from better-than-expected revenues from the Statoil's (NYSE: STO) seabed project related work. GEOS managed to start working on the project and recognize $8.7 Mil. of related revenues. We expected that the start would take longer and there would be minimum revenues recognized in Q1.”
Geospace Technologies Corp. closed on Thursday at $110.20.
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