Raymond James downgraded Helix Energy (HLX) to Outperform from Strong Buy with a price target of $10, down from $14. The firm says a combination of factors led to a greater than anticipated reduction in anticipated North Sea activity, driving the warm-stacking of the Seawell and a meaningful cut to 2025 EBITDA guidance. While this activity has to improve at some point, and current endering activity point to 2026, it will ultimately depend on macro factors, the analyst tells investors in a research note.
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