UPDATE: RS Platou Markets Downgrades Atwood Oceanics to Neutral, Reiterates $62 PT on Valuation, Lack of Near-Term Catalysts

In a report published Friday, RS Platou Markets analyst Anders Bergland downgraded the rating on

from Buy to Neutral, but reiterated the $62.00 price target. In the report, RS Platou Markets noted, “Although Atwood (ATW) offers above peer average earnings growth from its four UDW newbuilds entering the fleet through 2015, we downgrade the stock from Buy to Neutral but reiterate our USD 62 TP. Above peer group valuation and few near term triggers are the main reasons for the downgrade. ATW reported 2Q13 EBITDA and EPS of USD 141m and USD 1.37 or 5% and 8% above RSPM estimates and 3% above consensus. The better than expected result is reflective of a ‘notch' higher utilization, USD 5m lower operating cost, USD 2m lower net financial and slightly lower share count.” Atwood Oceanics closed on Thursday at $56.34.