J.P. Morgan Raises EPS Estimates On Shares Of Bristow Group

Bristow Group, Inc. BRS reported FY2Q11 EPS of $1.06, “well ahead of our $0.82 and the average Street forecast of $0.74 as corporate restructuring resulted in a much lower tax rate than we anticipated,” J.P. Morgan reports. “We are raising our FY11 and FY12 EPS estimates to $3.42 (from $3.12) and to $3.72 (from $3.50), respectively, as our lower income tax forecast more than offsets our slightly lower operating margin assumptions,” J.P. Morgan writes. “Additionally, we are raising our December 2011 price target to $46 (from $41) and we reiterate our Overweight rating on BRS shares.” Bristow Group closed Friday at $41.31.