UPDATE: J.P. Morgan Upgrades Hornbeck Offshore on Oncoming Investor Day

In a report published on Monday, J.P. Morgan analyst J. David Anderson upgraded Hornbeck Offshore HOS from Neutral to Overweight and raised the price target on the company from $60 to $66.

In the report, J.P. Morgan stated, "We revisit our investment thesis for Hornbeck ahead of its investor day this Tuesday. Despite being up over 50% YTD to 1.6x book value, we believe HOS has plenty run room as the Street builds confidence in the earnings and FCF prospects of the company's $1.24bn newbuild program of 24 high-capacity, high- spec vessels (20 OSVs, 4 MPSVs). While we don't expect much new information on Tuesday, we anticipate management will provide some indication of where it expects newbuild dayrates to shake out given the delivery of the first newbuild is expected later this month."

Hornbeck Offshore closed on Friday at $52.11.