Tidewater price target raised to $138 from $133 at Raymond James

Raymond James analyst James Rollyson raised the firm’s price target on Tidewater to $138 from $133 and keeps a Strong Buy rating on the shares. Tidewater reported a modest beat in Q2 as dayrates advanced 8% sequentially, but another heavy drydocking quarter is expected to negatively impact Q3 results, while the eventual start of those projects, higher dayrates, lower drydock activity and reduced costs all come together for a higher Q4 margin than previously expected, the analyst tells investors in a research note. Barring any further project start delays, the outlook for 2025 will get better assuming another $4K dayrate improvement, the firm says.