UPDATE: BMO Capital Markets Downgrades Oceaneering International to Market Perform On Share Run
BMO Capital Markets downgraded Oceaneering International (NYSE: OII) from Outperform to Market Perform and maintained a $62.00 price target.
BMO Capital Markets noted, "We are lowering our rating on Oceaneering (OII) to Market Perform from Outperform, based on our current fair value target price at $62. We expect the shares to “take a knee and catch their breath” after another record setting year in 2012 and a strong start to 2013. We like the OII story but expect relative performance from here to favor other stocks. We prefer the cyclical leverage and valuation of the OFS (HAL, SLB) and/or cheaper equipment players like CAM/NOV."
Oceaneering International closed at $64.47 on Thursday.
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