Tidewater price target lowered to $55 from $68 at BTIG

BTIG lowered the firm’s price target on Tidewater (TDW) to $55 from $68 and keeps a Buy rating on the shares. The company’s higher than expected revenue drove gross margins of 50% well above guidance of 46%, though the firm’s reduced price target reflects expectation of a sideways market over the next few quarters, the analyst tells investors in a research note.