After Disappointing Earnings Guidance, Jefferies Lowers PT On TDW

In a recent report, Jefferies has lowered the price target on Tidewater TDW from $71.00 to $65.00 after a disappointing near-term earnings guidance. Due to recent events, Jefferies believes the pullback provides a good buying opportunity. In the report, Jefferies said, "TDW shares pulled back almost 6% on Thursday after the Company issued disappointing FQ1 revenue guidance of $245-250MM, which was below our previous estimate of $266MM, and indicated only modest revenue growth in the following quarters – primarily due to more aggressive stacking efforts and the continued disposition of older assets." Tidewater closed Friday at $53.59.