Deutsche Bank Lowers Price Target On Oceaneering International On Multiple Positive Factors

In a report published Tuesday, Deutsche Bank analyst Mike Urban reiterated a Buy rating on Oceaneering International (NYSE: OII), but lowered the price target from $97.00 to $70.00.

In the report, Deutsche Bank noted, “OII's management team continues to focus on things they can control during the industry downturn as highlighted by their ongoing stock buyback and the accretive acquisition announced earlier today. Although they will also feel the impact from falling oil prices, we continue to believe that offshore service (as opposed to drilling) sector should hold up better than most. While Street estimates still have to come down, we believe the fear around management's 2015 outlook/ updated guidance is overblown as offshore should still remain relatively strong this year and the mix shift under way benefits OII as a later cycle play. OII remains our favorite mid-cap and we reiterate our BUY rating.”

Oceaneering International closed on Monday at $54.40.