Pritchard Equity Research Has Buy Rating On Hercules Offshore (HERO)

Pritchard Equity Research is reiterating its Buy rating, but is lowering its price target to $4.50 from $6 on shares of driller Hercules Offshore HERO. In the report Pritchard Equity Research writes, "With peers intending to remove jackups from the GOM and PEMEX's anticipated tender likely sucking up supply, we believe HERO is well positioned to return its marketed fleet to full utilization and bring cold stacked rigs back to work in 2011. Reiterating BUY and a $4.50 price target based on 6.7x 2011 EBITDA." Shares of Hercules Offshore are down 11 cents to $2.48 today.