Tidewater and Gulfmark downgraded at ISI Group ISI Group said the OSV demand growth remains inline with supply growth worldwide and that utilization will be range bound. The firm does not expect meaningful dayrate growth until 2014 and favors company's with exposure to stronger Gulf of Mexico markets. As a result, the firm downgraded Tidewater (TDW) to Cautious from Neutral and GulfMark Offshore (GLF) to Buy from Strong, and reiterates Hornbeck Offshore (HOS) as a Strong Buy and top pick.
Hornbeck Offshore upgraded to Overweight from Equalweight at Capital One Capital One upgraded Hornbeck to Overweight given newbuild commitments and relative valuation. Price target lowered to $32 from $37.