UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Frank's International NV Following 4Q13 Earnings Beat

In a report published Tuesday, Morgan Stanley analyst Ole Slorer reiterated an Overweight rating on

, but removed the $30.00 price target. In the report, Morgan Stanley noted, “FI posted a 4Q13 beat of $0.37 vs. Street $0.32 and MS $0.26. Revenue of $282mm was +4% q/q and +8% versus our expectation and company guidance, driven by stronger US revenue than we expected ($114mm, +5% q/q as US offshore revenue grew 15% and was only partly offset by US land revenue declining 8%). EBITDA margin of 37.4% was down 212 bps q/q, largely driven by Int'l EBITDA margin declining 862 bps q/q to 38.0% from 46.6% and also by full-quarter impact of stock comp. We note US EBITDA margin of 43.1% was only down 60 bps q/q despite weakness in the US land space, suggesting a strong underlying margin trend in the US offshore business.” Frank's International NV closed on Monday at $22.50.