Credit Suisse Raises Price Target on Global Geophysical Services (GGS), Signs Of U.S. & International Growth

Credit Suisse is maintaining its Outperform rating and is raising its price target on shares of Global Geophysical Services Inc. (NYSE: GGS) from $12 to $17.

The firm remains confident in the company's ability to sustain its growth in the U.S. and that its Q4 backlog and rising inquiry levels hint to growth outside the U.S..

Credit Suisse tweaked its model to account for higher D&A going forward to reflect continued investment in assets and allow for stronger proprietary EBIT margins as well.

As a result of its new model, the firm is raising its 2011 EBITDA estimate from $209 million to $236 million and its 2012 estimate from $226 million to $257 million. Credit Suisse is not changing its 2011 and 2012 EPS estimates of $0.40 and $0.70, but is introducing its 2013 estimates at $287 million in EBITDA and $0.10 in EPS.

For more ratings news on Global Geophysical Services click here and for the rating history of Global Geophysical Services click here.

Shares of Global Geophysical Services closed at $14.25 yesterday.

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