UPDATE: Goldman Sachs Downgrades Bristow Group to Sell, Raises PT

In a report published Wednesday, Goldman Sachs Group downgraded its rating on Bristow Group

from Neutral to Sell, but raised its price target from $50.00 to $52.00. Goldman Sachs noted, “We tactically downgrade Bristow (BRS) to Sell as we consider the shares fully valued, accounting for both its leverage to the offshore upcycle and its pending asset acquisition of aircraft/facilities on Canada's Atlantic Coast. We believe shares capture upside associated with absolute aircraft growth, though any further gains at this point will require either incremental asset acquisitions or existing asset margin growth. While we recognize upside risk of the former, we see limited probability in the latter as helicopter operators have minimal pricing power and the oilfield service sector (particularly offshore) contends with rising costs post-Macondo.” Bristow Group closed on Tuesday at $51.30.