UPDATE: Morgan Keegan Raises PT on Helix Energy Solutions Group Based on Improved Balance Sheet - Helix Energy Solns Gr (NYSE:HLX)

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Morgan Keegan has published a report on Helix Energy Solutions Group (NYSE: HLX) increasing its price target by $1.00 to $22.00 based on 12.0x its initial 2013 EPS estimate of $1.85.In the report, Morgan Keegan writes, “We remain positive on Helix. In the near-term, the impressive cash generation from oil & gas production and well intervention are improving the balance sheet. For the medium and long-terms, we expect: continued demand improvements in well intervention and the likelihood of new vessels, impressive growth in its remotely operated vehicle (ROV) segment, a recovery in traditional construction activities, and production stability in oil & gas production until an ultimate sale of the oil & gas segment.”Helix Energy closed yesterday at $16.45.

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