Tidewater price target raised to $89 from $87 at Evercore ISI

Evercore ISI analyst James West raised the firm’s price target on Tidewater to $89 from $87 and keeps an Outperform rating on the shares. Tidewater reported “another strong quarter” and reaffirmed the firm’s constructive view on the long-duration offshore upcycle, says the analyst, who likes Tidewater’s competitive position, strong balance sheet strength and liquidity, and growing exposure in the Middle East and Asia Pacific regions as catalysts and believes its earnings power will accelerate.