UPDATE: Credit Suisse Reiterates Neutral Rating, Lowers PT on Oceaneering International on Annual Earnings Guidance

In a report published Friday, Credit Suisse analyst James Wicklund reiterated a Neutral rating on

, but lowered the price target from $64.00 to $55.00. In the report, Credit Suisse noted, "Oceaneering was realistic, honest, straightforward, and gave annual earnings guidance, which virtually no company has done so far. While they were appropriately commended for that, the more honest outlook caused OII to drop ~9% and be the worst-performing stock in the sector the day they announced. No one gets credit for honesty and investors should no longer wonder why all the other companies that have reported refuse to give guidance and appear to sugar coat the outlook under the banner of uncertainty. We are lowering our 2015 / 2016 EPS estimates to $3.03 / $3.04 from $3.50 / $4.10. We are lowering our target price to $55 (from $64) on our lower estimates (8.0x 2015 EV/EBITDA)." Oceaneering International closed on Thursday at $52.47.