Jeffereies & Company Expects Continued Improvement for ION Geophysical Corp

Jefferies & Company, Inc. has published a report on ION Geophysical Corp IO. According to the report, IO posted excellent 4Q results driven primarily by seasonally stronger multi-client sales, while its INOVA land equipment business continues to under perform. “Following the recent surge in the shares, we maintain our Hold despite our higher estimates and price target.” IO is expecting continued improvements for all business during 2011. “For this year, IO plans to spend $90-110 million for its multi-client data library versus $64.4 million in 2010. IO is currently shooting multi-client in the Marcellus and has interest in our U.S. shares as well.” ION Geophysical Corp closed yesterday at $12.17.