Jefferies Starts RigNet, Inc. (RNET) at Buy

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November 17, 2011 7:44 AM EST
Get Alerts RNET Hot Sheet
Price: $9.60 --0%

Rating Summary:
    6 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 11 | New: 12
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Jefferies initiates coverage on RigNet, Inc. (NASDAQ: RNET) with a Buy. PT $20.00.

The firm comments, "We believe RigNet is well positioned as a telecommunications provider primarily to oil rigs. There are about 150 new deep water rigs expected to be delivered over the next 3-4 years to operators in the countries where RigNet can offer service. The company currently has about 30% market share, and expects to maintain or grow its market share on the new additions."

The market serving the oil rig industry is a near-duopoly, the firm notes.

For an analyst ratings summary and ratings history on RigNet, Inc. click here. For more ratings news on RigNet, Inc. click here.

Shares of RigNet, Inc. closed at $16.11 yesterday.

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