FBR Capital Starts Vantage Drilling Company (VTG) at Outperform
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FBR Capital initiates coverage on Vantage Drilling Company (NYSE: VTG) with an Outperform and $2.25 price target.
The firm commented, We believe the company is well on its way to having a fully funded business model, and the stock price still reflects significant risk. As the company obtains contracts for the two remaining jackups and secures financing for the fourth jackup and the drillship, we believe investors will reevaluate the stock. When that happens, we should see meaningful upside based on normalized 2011 EBITDA.
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