Tidewater downgraded to Outperform from Strong Buy at Raymond James

Raymond James analyst James Rollyson downgraded Tidewater (TDW) to Outperform from Strong Buy with a price target of $102, down from $131. The company’s quarterly results were generally in line with prior expectations as utilization suffered through increased idle time, drydocking, and project startup delays while day rates advanced, the analyst tells investors in a research note. The firm cut estimates but thinks “that even under a bear case scenario the shares are reasonably valued and the valuation is compelling.”