Seeking Alpha

Oceaneering -2.2% after Stifel downgrade

  • Oceaneeering (OII -2.2%) is downgraded to Neutral from Buy with an $81 price target, lowered from $92, at Stifel Nicolaus, which says it can't find a catalyst to move the stock higher.
  • The firm believes OII should benefit from deepwater secular growth but is concerned whether the remotely operated vehicles segment, which comprises nearly half of OII's EBIT, can sustain the unit growth necessary to produce 20%-plus EPS growth in 2015 and beyond.
  • Wall Street's high expectations for OII, which assume 20% EPS growth through 2015, set up the shares to disappoint.
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