Dahlman Rose Upgrades Atwood Oceanics (ATW) to Buy, Sets $58 Price Target

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Dahlman Rose upgraded shares of Atwood Oceanics (NYSE: ATW) from its previous rating of Hold to Buy. The firm also set its price target on the company at $58.

The firm notes its proprietary floating rig supply & demand model indicates floating rig marketed contracted utilization may reach 99% in 2013, which entail would drive dayrates to over $600K/day, as they did in 2008 when utilization was over 98%.

An analyst at Dahlman comments, "ATW's heavy deepwater exposure should be positive for the company as deepwater rates trend higher. We believe the company can grow its EBITDA over 50% from the ‘12 levels of roughly $400MM once its new build program is complete in ‘14."

For an analyst ratings summary and ratings history on Atwood Oceanics click here. For more ratings news on Atwood Oceanics click here.

Shares of Atwood Oceanics closed at $47.90 yesterday, with a 52 week range of $30.64-$48.86.

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