UPDATE: ISI Group Reiterates Strong Buy Rating, Raises PT on Hornbeck Offshore Services on EPS Beat, GOM Outlook

In a report published Friday, ISI Group reiterated its Strong Buy rating on Hornbeck Offshore Services

, and raised its price target from $45.00 to $52.00. ISI Group noted, “Despite the revisions to our 2013 EPS, we are maintaining our Strong Buy on HOS due to the Company's significant growth prospects from newbuilds and building strength in the GOM DW market. We are lowering our EPS for 2013 to $2.10 from $2.43 as we model higher costs, increased downtime and lower dayrates for DP1 vessels in the GOM. To better discount the long term growth prospects of the Company, we are increasing our 12-month PT to $52 from $45, based on roughly 6x our pro forma 2014 TEV/EBITDA.” Hornbeck Offshore Services closed on Thursday at $43.76.