UPDATE: Wunderlich Initiates Coverage on GulfMark Offshore on Rich Valuation

In a report published Thursday, Wunderlich Securities analyst Todd P. Scholl initiated coverage on

with a Hold rating and $54.00 price target. In the report, Wunderlich Securities noted, “We are initiating coverage of GulfMark Offshore, Inc. (GLF) with a Hold rating and a price target of $54, which represents ~7.6x our 2014 EBITDA estimate. GulfMark is a large and globally diverse provider of offshore support vessels with operations focused in the North Sea, Southeast Asia, and the Americas. We believe GulfMark's position in key regional markets will allow the company to take advantage of the massive capital investment being made in the offshore oil and gas space. However, shares have appreciated dramatically in 2013, up greater than 50% to date, and pushed the stock to the upper ends of its historical valuation multiples based on our estimates. Therefore, at this time we believe there are more attractive names in the oil field service space.” GulfMark Offshore closed on Wednesday at $51.54.