UPDATE: Credit Suisse Initiates Outperform, $5 PT on GulfMark Offshore

Credit Suisse initiates coverage on GulfMark Offshore

with an Outperform rating and $55 target price as it sees cyclical business on the mend. Credit Suisse notes, "We expect offshore supply vessel (OSV) day rates and utilization to continue to rebound in 2012. However, with the moratorium on drilling in the U.S. Gulf only recently lifted, we expect the rebound to take time (modest improvements in 2012). The exodus of U.S.-flagged OSVs out of the GOM put downward pressure on international rates, but we expect this trend to reverse in late 2012 and 2013. We expect demand (drilling and platform) for OSVs to pick up in 2012; however, this will be partially offset by newbuilding deliveries which should keep the sector stuck in second gear." GLF closed at 42.21 per share on Monday.