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Friday, Nov 1
Hornbeck Offshore slides after Wunderlich downgrade
- Hornbeck Offshore (HOS -3.7%) is downgraded to Hold from Buy with $61 price target, down from $70, at Wunderlich.
- The firm sees a less optimistic progression for dayrates for the company's new generation offshore support vessels in light of an influx of newbuild vessels in the Gulf of Mexico, which may slow positive dayrate progression until H2 2014.
- The firm cuts its 2013 EPS estimate to $2.39 from $2.52 and reduces its 2014 EPS estimate to $3.62 from $4.58.