Global Hunter Securities Reiterates a 'Buy' on Hornbeck Offshore (HOS); Accumulate Shares on Weakness

Global Hunter Securities reiterates a 'Buy' on Hornbeck Offshore (NYSE: HOS) price target raised from $50 to $52.

Analyst, Jeff Spittel, said, "HOS remains one of our top picks in the OFS space. We are reiterating our rating and raising our price target as neither cost escalation nor the potential for vessel mobilizations out of Brazil took us by surprise. Lest we forget that HOS shares peaked during the last cycle at roughly $60/share on a $4.00 peak earnings run rate. We believe that peak earnings in the current cycle will comfortably exceed $4.00 due to the company's increasingly high spec fleet and the potential for heightened boat to rig intensity in deepwater."

For an analyst ratings summary and ratings history on Hornbeck Offshore click here. For more ratings news on Hornbeck Offshore click here.

Shares of Hornbeck Offshore closed at $40.68 yesterday.

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