Credit Suisse Upgrades Oceaneering Int'l To Outperform

Credit Suisse has published a research report on Oceaneering International Inc. (NYSE: OII) and has upgraded the company to Outperform from Neutral.

In the report, Credit Suisse writes "We raise our ROV and more significantly our Subsea Products multi-year revenue outlooks, in part to reflect additional floating rigs now expected to be ordered in 2011+ and in part to "correct" our overly conservative forecasts. Our 2011/2012 EPS estimates is revised to $3.55/$4.40 from $3.60/$4.30. Subsea Products the biggest change in our outlook: The most intriguing Products segments include (1) ROV Tooling packages, including a product that more quickly activates subsea BoPs; (2) subsea hardware - Grayloc connectors should get a boost from recent FTI order strength; and (3) umbilicals, which also has strong incremental margin potential, in our view."

Credit Suisse has also raised the price target on Oceaneering Int'l to $93 from $65.

Oceaneering Int'l closed yesterday at $72.87.