UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Hercules Offshore on Positive Q4 Earnings

In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Hercules Offshore

, and raised its price target from $8.00 to $10.00. Deutsche Bank noted, “HERO posts a positive quarter. HERO's Q4 earnings release reaffirmed our confidence in the US shallow water as the GoM leveraged, shallow water driller posted its first positive quarter in almost 4 years. With leading edge rates pushing above $100k in the GoM jackup market HERO's overall outlook continues to improve. In addition, we believe that additional reactivations should be forthcoming and with the first reactivated rig (Rig 209) expected to begin work in April, earnings should ramp up from here. As such, we continue to rate HERO a Buy and it is our favorite small cap.” Hercules Offshore closed on Tuesday at $7.13.