Barclays Maintains an 'Overweight' ION Geophysical (IO); Trimming 1Q Due to Seasonal Weakness

Barclays maintains an 'Overweight' ION Geophysical (NYSE: IO), PT $14.

Barclays analyst says, "We are reducing our 1Q EPS estimate for ION Geophysical to breakeven reflecting sharper seasonal weakness for multi-client data library sales as evidenced by weak results for Schlumberger's (NYSE: SLB) WesternGECO business. However, we continue to believe that we are in the early stages of multi-year upturn in exploration spending which will outperform industry spending trends over the next two to three years. Bidding activity for seismic services has continued to improve for both land and marine crews. As a result, we are maintaining our 2011 and 2012 EPS estimates of $0.45 and $0.65, respectively."

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

Shares of ION Geophysical closed at $12.87 yesterday.

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