UPDATE: Credit Suisse Assumes Neutral, $50 PT on Tidewater

Credit Suisse assumes coverage on Tidewater TDW with a Neutral rating and a $50 price target as it looks at demand for new, deepwater boats. Credit Suisse says, "Demand for New Generation, Deepwater Boats Should Remain Strong. The offshore supply boat market is bifurcated, with modern high-spec tonnage seeing utilization at 90%-plus significantly outperforming older, less capable tonnage eking out utilization in the 50-60% range. We expect utilization for high-spec tonnage to continue to grind higher, pushing into the low to mid-90% range in 2012. However, we expect older tonnage to continue to struggle, with utilization levels hovering around current levels." TDW closed at $49.96 per share on Monday.