- Tidewater (TDW -4.7%) is downgraded to Underweight from Overweight with a $50 price target, down from $59, at Morgan Stanley amid notions that demand for the global OSV fleet in 2015 will be in the low single-digits while supply growth will be in the mid-teens.
- Based on beliefs that TDW will face near-term headwinds, the firm cuts its utilization assumption for towing supply vessels and other non-deepwater vessels by 5%, resulting in TDW EPS estimates for FY 2015 and 2016 that are "meaningfully" below respective $3.98 and $3.61 consensus.
- Although Morgan believes TDW is more vulnerable to a near-term slump, the firm is more optimistic long-term, seeing significant upside into a probable 2016-17 recovery.
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