Global Hunter Securities Downgrades Mitcham Industries (MIND) to Accumulate
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Rating Summary:
1 Buy, 3 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 10
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Global Hunter Securities downgraded Mitcham Industries (NASDAQ: MIND) from Buy to Accumulate with a price target of $15.00 (from $17.00).
Analyst Mark Brown said, "We believe that MIND remains on track to benefit from growth in international demand over the course of this year. However, we expect that near-term equipment leasing in Canada and the US has remained at low levels and discrete projects targeted by recent channel investments may have experienced temporary customer delays. Overall, we believe the company is on track to deliver a quarter in line with its expectations three months ago but a bit below the somewhat more dynamic forecast that we had modeled. We are lowering our rating to Accumulate from Buy and reducing our price target to $15 from $17."
For an analyst ratings summary and ratings history on Mitcham Industries click here. For more ratings news on Mitcham Industries click here.
Shares of Mitcham Industries closed at $13.34 yesterday.
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