Market Overview

UPDATE: Imperial Capital Re-Initiates Coverage on Ocean Rig UDW with Outperform Rating, $19.50 PT

Related ORIG
Mid-Afternoon Market Update: Dow Gains Over 50 Points; L Brands Shares Drop On Weak Forecast
Mid-Day Market Update: AXT Rises After Strong Q4 Results; Cyclacel Pharma Shares Tumble

In a report published Wednesday, Imperial Capital re-initiated coverage on Ocean Rig UDW (NASDAQ: ORIG) with an Outperform rating and $19.50 price target.

Imperial Capital noted, “We are assigning an Outperform rating to the ORIG common stock and establishing a one-year price target of $19.50, based on 11.5x our 2013 adjusted EBITDA estimate of $545mn. The contract backlog of approximately $4.5bn provides strong earnings visibility; ORIG earnings should begin to improve in the second half of 2013 and improve substantially in 2014 as the on-the-water fleet increases to nine vessels from its current size of six.”

Ocean Rig UDW closed on Tuesday at $17.47.

Latest Ratings for ORIG

Aug 2016BarclaysTerminatesUnderweight
Aug 2016Deutsche BankDowngradesBuyHold
May 2016Deutsche BankMaintainsBuy

View More Analyst Ratings for ORIG
View the Latest Analyst Ratings

Posted-In: imperial capitalAnalyst Color Initiation Analyst Ratings


Related Articles (ORIG)

View Comments and Join the Discussion!