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Fly News Breaks for December 17, 2019
Dec 17, 2019 | 05:14 EDT
Goldman Sachs analyst Angie Sedita upgraded Oceaneering to Buy from Neutral with a price target of $20, up from $16. The company has exposure to improving offshore markets, which have seen a steady recovery off the bottom since late 2017 with rig activity moving higher and early signs of pricing power, Sedita tells investors in a research note. Further, Oceaneering's valuation is below historical averages and at a 33% discount to peers, adds the analyst. Sedita also expects increased utilization in 2020 will help drive Oceaneering's margins.
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