UPDATE: Citigroup Initiates Coverage on Tidewater with Buy Rating, $62 PT

In a report published Friday, Citigroup initiated coverage on Tidewater

with a Buy rating and $62.00 price target. Citigroup noted, “We are initiating coverage of Tidewater Inc. (TDW) with a Buy rating and $62 price target, implying a 42% estimated total return. Our price target of $62 is 8% higher than the FactSet consensus price target of $57.27. The stock is trading near the bottom of a $42-to-$63 two-year range, and although we model FY3Q13 EPS to coming in light of consensus estimates, we expect a revival of national oil company capital spending in early 2013 to provide impetus for the stock.” Tidewater closed on Thursday at $44.48.