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Fly News Breaks for May 20, 2016
ORIG
May 20, 2016 | 09:03 EDT
Piper Jaffray analyst Ian Macpherson noted that Ocean Rig's EBITDA "far exceeded" consensus estimates and that its revenues were much higher than forecast, much of which he attributes to more working days than expected for the two 5g semis. Macpherson wonders whether any contract termination settlements might have played a part in the revenue outperformance as well. The firm has an Underweight rating and 65c price target on Ocean Rig shares.
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