Bristow Group Removed From America's Buy List At Goldman (BRS)

Goldman Sachs is removing Bristow Group Inc. BRS from its America's Buy List, as it approaches its $39 price target. It downgraded shares to Neutral on this move. In the research note, Goldman writes, "We downgrade BRS to Neutral from Buy as shares approach our price target. Our Buy rating was based on a view that BRS 20% discount to book value was unjustified considering that it was a beneficiary of BP's clean up in the Gulf while international project awards could provide further catalysts. However, following solid performance, the stock has nearly re-coupled to its $37 NAV/ book value at the same time as the success of the clean-up effort in the Gulf is likely to cause BP to use fewer helicopters. Since our upgrade on June 8, BRS is +17%, inline with OSX and +9% relative to the S&P 500." Shares of BRS are down 51 cents to $35.94 in early Tuesday trade.