UPDATE: Williams Capital Downgrades Gulfmark Offshore to Hold on Lower Guidance
Williams Capital downgraded Gulfmark Offshore (NYSE: GLF) from Buy to Hold and lowered the price target from $45.00 to $34.00.
Williams Capital commented, "GLF missed EPS estimates with operationalsoftness in the core North Sea, as well as Southeast Asia, as Americas activity benefited from a strong GOM. The North Sea is still unproven though GLF sentiment remains optimistic, but we prefer to see a quarter's execution. … Given our 2013 earnings reduction, we are lowering our price target to $34. Despite longer‐term upside, we see little impetus for the stock based on 2013 guidance/valuation – as such we are downgrading the stock toHold from Buy."
Gulfmark Offshore closed at $35.59 on Tuesday.
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