UPDATE: Barclays Downgrades ION Geophysical (IO) to Equalweight

March 19, 2014 6:53 AM EDT
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Price: $0.35 --0%

Rating Summary:
    4 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 6 | Down: 4 | New: 6
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(Updated - March 19, 2014 1:08 PM EDT)

Barclays downgraded ION Geophysical (NYSE: IO) from Overweight to Equalweight with a price target of $4.00 (from $5.00).

Analyst James C. West said, "We are downgrading shares of IO to Equal Weight from Overweight due to persistent problems in seismic end markets. Seismic spending is expected to grow in the low single digits this year, well below our expectations for worldwide E&P spending growth of around 6%. We continue to believe IO is well positioned for exploration in various frontier basins, notably the Arctic, as well as a recovery in seismic activity once exploration sentiment improves. However, at this time we see better value elsewhere in our coverage universe (including the large diversified service companies and SMID cap NAM players)."

For an analyst ratings summary and ratings history on ION Geophysical click here. For more ratings news on ION Geophysical click here.

Shares of ION Geophysical closed at $4.31 yesterday.

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