Goldman Sachs Downgrades Cameron International (CAM) to Neutral

Goldman Sachs downgraded Cameron International (NYSE: CAM) from Buy to Neutral and maintained its price target of $69.

Analyst Waqar Syed sees limited upside to their target price, and sees higher upside in other stocks in their coverage universe. It was added, "We also now believe that the offshore new building cycle may slow down materially as E&P offshore capex growth has slowed down, and rig rates and utilization are falling sharply. This could lead to a slowdown in the BoP (Blow-out Preventers) orders that CAM receives."

On the positive side, the analyst think that CAM is still on a path to improving its margins in the Drilling and Production Systems (DPS) segment. Moreover, the recent activity pick-up in US land should help the company's valves and measurement business, especially the Distribution segment.

For an analyst ratings summary and ratings history on Cameron International click here. For more ratings news on Cameron International click here.

Shares of Cameron International closed at $61.92 yesterday.

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