Capital One Southcoast Upgrades Mitcham Industries (MIND) to Add; Positive on International Opportunities
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Capital One Southcoast upgrades Mitcham Industries (Nasdaq: MIND) from Neutral to Add. Price target increased to $7 from $6.
Capital One analyst says, "Our take: ~80% of 2Q revenue came from outside NAM, which fits our thesis of staying away from NAM and looking for int'l opportunities. Also they are more optimistic with regard to fiscal 2H10 and fiscal 2011 than there were 90 days ago. We will remove two of the Polarcus deliveries from the backlog for now but offset with improved leasing utilization. There is upside of $0.15 in EPS from additional levels of VSPs and $0.04 of EPS upside for each BuoyLink 4000 system that is added back or sales to other newbuilds or retrofits. We won't make any changes to our full year fiscal '10/'11 estimates at this time..."
To see more analyst ratings on MIND Click Here.
Mitcham Industries, Inc., through its subsidiaries, engages in the lease, sale, and servicing of equipment to the seismic industry worldwide.
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