Pritchard Capital Reiterates Buy On Mitcham Industries

Pritchard Capital is out with a research report on Mitcham Industries, Inc. MIND and is reiterating its Buy rating and $24 price target on shares. In a note to clients, Pritchard writes, "Following the equity raise that MIND did in June, we are adjusting our EPS estimates. Taking into account dilution, we are lowering our Q2 estimate to 13 cents down from 15 cents and 2012FY to $1.30 down from $1.45. Our decrease in numbers is less than the expected dilution due to the fact that we believe that MIND will reinvest part of the proceeds in operations and thus we expect the upside in business to offset partially the dilution in 2012. For 2013, we expect it to completely offset the dilution. Thus we are keeping our 2013FY estimate of $2.00. We believe that MIND is perfectly positioned to take advantage of the strengthening in demand for seismic services both domestically and internationally. We continue to be a Buyer. We are reiterating our target price of $24." Shares of MIND lost 14 cents yesterday to close at $18.75, a loss of 0.74%.