Oceaneering price target raised to $31 from $27 at Citi

Citi analyst Scott Gruber raised the firm’s price target on Oceaneering to $31 from $27 and keeps a Buy rating on the shares. The analyst expects the company’s 2024 EBITDA guidance to be meaningfully ahead of consensus. The firm raised its 2024 EBITDA forecast by 8% to $412M, 16% ahead of consensus. Remotely operated vehicles pricing appears to be improving faster than originally anticipated, which should drive EBITDA margins higher in 2024 and 2025, the analyst tells investors in a research note.