UPDATE: J.P. Morgan Upgrades Hornbeck Offshore on Oncoming Investor Day
In a report published on Monday, J.P. Morgan analyst J. David Anderson upgraded Hornbeck Offshore (NYSE: HOS) from Neutral to Overweight and raised the price target on the company from $60 to $66.
In the report, J.P. Morgan stated, "We revisit our investment thesis for Hornbeck ahead of its investor day this Tuesday. Despite being up over 50% YTD to 1.6x book value, we believe HOS has plenty run room as the Street builds confidence in the earnings and FCF prospects of the company's $1.24bn newbuild program of 24 high-capacity, high- spec vessels (20 OSVs, 4 MPSVs). While we don't expect much new information on Tuesday, we anticipate management will provide some indication of where it expects newbuild dayrates to shake out given the delivery of the first newbuild is expected later this month."
Hornbeck Offshore closed on Friday at $52.11.
Latest Ratings for HOS
|Aug 2016||iBERIA Capital Partners||Downgrades||Sector Perform||Underperform|
|May 2016||Clarksons Platou||Upgrades||Sell||Neutral|
|May 2016||Stephens & Co.||Upgrades||Underweight||Equal-Weight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.