UPDATE: Societe Generale Reiterates Hold Rating, Raises PT on Oceaneering International on Multiple Realignment

In a report published Friday, Societe Generale reiterated its Hold rating on Oceaneering International

, and raised its price target from $60.00 to $70.00. Societe Generale noted, “OII's secular growth outlook for ROV's, Subsea Products and Subsea Projects remains intact and on track. Products and Projects margins will likely be slightly lower due to a higher mix of lower margin umbilical sales, and lower vessel availability in the Gulf of Mexico respectively. Operating profit contribution from Remote Operated Vehicles (ROVs) will likely be higher with implied dayrates trending above our prior forecast. Net -net our 2013/14 earnings estimates are unchanged, and we initiate our 2015 estimate of $4.30/shr. We maintain our Hold rating after the strong +20% run in OII shares YTD.” Oceaneering International closed on Thursday at $64.50.