Lake Street Capital Markets Starts Odyssey Marine Exploration (OMEX) at Buy, Moving Beyond Shipwrecks

February 1, 2013 11:20 AM EST
Get Alerts OMEX Hot Sheet
Price: $4.98 -0.6%

Rating Summary:
    1 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Lake Street Capital Markets initiated coverage on Odyssey Marine Exploration (NASDAQ: OMEX) with a Buy rating and $6 price target, saying the expanding opportunity set bolsters long term value.

The firm notes the company's IP driven business model is expanding beyond high value shipwrecks to find unconventional high value targets including underwater mineral deposits. "Odyssey has a proven track record of finding the un-findable," analyst Mark Argento notes.

"The 2013 project pipeline continues to grow, providing larger opportunities at attractive risk profiles," the analyst comments. "After the partial Gairsoppa silver recover in 2012, Odyssey has operational momentum to continue its silver recovery and additional pipeline monetization in 2013."

"We believe the mineral opportunity is very real and potentially highly valuable and will become better understood as the year progresses," he continued.

For an analyst ratings summary and ratings history on Odyssey Marine Exploration click here. For more ratings news on Odyssey Marine Exploration click here.

Shares of Odyssey Marine Exploration closed at $3.08 yesterday.

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