UPDATE: Sterne Agee Upgrades Oceaneering International to Buy on Earnings and Cash Flow Visibility
Sterne Agee upgraded Oceaneering International (NYSE: OII) from Neutral to Buy and announced a $75.00 price target.
Sterne Agee noted, "We believe OII is extremely well positioned to generate robust earnings and cash flow over the next several years. We expect OII to continue to drive shareholder value through acquisitions, higher dividends, and share repurchases. … We believe Oceaneering will generate EBITDA of over $700 million in 2013, over $825 million in 2014 and over $930 million in 2015. Based on its recent track record, we believe OII will likely continue to grow via acquisition, boost its dividend and possibly continue to repurchase shares."
Oceaneering International closed at $61.43 on Tuesday.
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