Wells Fargo Upgrades Hercules Offshore (HERO) to Outperform

Wells Fargo upgraded Hercules Offshore (NASDAQ: HERO) from Market Perform to Outperform with a price target of $8-$9 (from $6-$7).

Analyst Matthew D. Conlan said,"HERO has helped create/protect a tight GOM jackup market, pushing rates higher than we thought likely, surpassing $100,000/day for mat cantilevered (MC) rigs. Barring a macroeconomic downturn, we think that this strong rate environment should persist at least through 2014."

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

Shares of Hercules Offshore closed at $6.73 yesterday.

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