Jefferies upgrades Oceaneering to Buy

Jefferies upgrades Oceaneering International (OII) from Hold to Buy. Price target unchanged at $95.

"We believe OII's share pullback reflects a fundamental misunderstanding of its Gulf of Mexico exposure and of subsea order trends; as such there is no change to our view of strong growth prospects in 2014+ EPS and medium-term FCF led by Products and Projects," analyst Brad Handler says, adding that "products orders in 2014 can also benefit from the strong subsea order year in 2013."

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