S&P Equity Research Downgrades Tidewater (TDW) to Hold
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S&P Equity Research downgrades Tidewater (NYSE: TDW) from Buy to Hold.
S&P analyst, S. Glickman, says, "Shares are off 11% today on Mar-Q EPS, excluding items, of $1.60 vs. $1.19. This was $0.11 short of our view, reflecting high operating costs and weakness in the towing segment where dayrates fell 21%. International deepwater dayrates rose 16%, but utilization was down to 83.5% from 96.7% on drydockings. TDW forecasts FY 09 (Mar.) cost inflation of about 8%. Given anticipated drydockings in international and our updating of cost structure, we lower our FY 09 EPS estimate by $0.27 to $6.81. Based on DCF blended with relative metrics, we cut our target price $8 to $65."
Tidewater Inc. provides offshore supply vessels and marine support services to the offshore energy industry through the operation of offshore marine service vessels.[SM]
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