Gabelli Maintains Hold on Cameron International (CAM)

Gabelli is out with its report today on Cameron International (NYSE: CAM), maintaining Hold.

In a note to clients, Gabelli writes, "We expect Cameron to benefit from long-term growth in ultra-deepwater offshore production while U.S. land drilling activity is also driving demand for its surface trees and valves. Trading at 21.9x our 2011 EPS estimate, 12x our 2011 EBITDA estimate of $1.2 billion and at only a 5% discount to our 2012 PMV of $62, Cameron is close to fairly valued and we recommend holding the stock."

Shares of CAM closed Friday at $59.08.