Global Hunter Upgrading Gulfmark Offshore, Raising Price Target (GLF)

Global Hunter Securities is upgrading shares of Gulfmark Offshore, Inc. GLF to Neutral, and is raising its price target to $41 from $39 after it reported earnings. In a note to investors, Global Hunter writes, "GLF posted a loss during 1Q, which was a significant miss versus expectations. Still, the stock rallied into the close with investor hope on a GOM deepwater recovery. We expect the GOM to improve, albeit slowly, and 2Q could produce a North Sea recovery and the trough of rates in other regions. Based on our new $41 price target, up from $39, we are changing our rating to Neutral from Reduce on improved valuation." Shares of GLF are up 58 cents this morning to $42.59, a gain of 1.4%.