UPDATE: Bank of America Reiterates on Cameron International on Positive Forecast

In a report published Tuesday, Bank of America analyst Douglas L. Becker reiterated a Buy rating on

, and and raised the price target from $69.00 to $71.00. In the report, Bank of America noted, “We forecast Cameron (CAM) to meet the 1Q14 EPS consensus of $0.72. However, even with aggressive share repurchases during 1Q14, the company may not raise annual EPS guidance of $3.60-$4.00. If Drilling & Production Systems (DPS) EBITDA margins hit guidance of 13.5%-14.5%, we would view this as conservatism. "If DPS margins come in below guidance, it may signal slower resolution of manufacturing issues with subsea stacks. We are raising 2014/2015 EPS to $3.90/$5.05 from $3.75/$4.75 owing to 1Q14 share repurchases. Our PO increases to $71 from $69, or 14x 2015 EPS, in line with the NTM average since 2012.” Cameron International closed on Monday at $61.61.