UPDATE: ISI Group Downgrades Tidewater to Cautious on Earnings Challenges

ISI Group downgraded Tidewater

from Neutral to Cautious with a $43 price target. ISI Group noted, "While we forecast earnings growth for TDW primarily on their DW fleet repricing to higher levels and DW newbuilds, we believe the Company will be the most challenged in a stagnant utilization environment, especially on the shallow water side of the fleet, where we see vessel churn likely limiting an increase in active vessel count and dayrate growth." Tidewater closed at $48.80 on Friday.