Helix Energy Solutions Group, Inc. (HLX) PT Lowered to $10 at Cowen

Cowen analyst Marc Bianchi lowered the price target on Helix Energy Solutions Group, Inc. (NYSE: HLX) to $10.00 (from $11.00) while maintaining a Outperform rating following the company's 4Q. HLX 4Q adjusted EBITDA of $23.2MM beat the $18MM consensus after removing ~$6MM other and equity losses. However, the 2019 guide likely disappointed investors as the $730MM revenue midpoint compares with the $770MM consensus and $177.5MM EBITDA midpoint compares with $181MM consensus.

Cowen's 2019-2020 estimates fall 1-4% due to a sharper than expected fall in Production Facilities income as a result of the new HFRS agreement. New estimates for 2019 are virtually flat YoY and position Cowen at the bottom of the company's EBITDA guidance ($166MM).

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