GulfMark Offshore Inc. NEW (fka GLFMQ) (GLF)

[spec machine]

July 8, 2008 02:57 pm ET ... S&P UPGRADES OPINION ON SHARES OF GULFMARK OFFSHORE
TO STRONG BUY FROM BUY (GLF 52.44*****):
GLF provided more details today on the completed Rigdon Marine deal, which we think offers the company a sizable catalyst. We see the deal as enabling GLF to compete strongly in the U.S. Gulf of Mexico offshore supply vessel market, particularly in deepwater where we see demand remaining solid. We believe the recently acquired assets can leverage rising dayrates and high spot exposure to generate sizable EPS growth. We are raising our '08 EPS estimate by $0.42 to $6.33, '09's by $1.64 to $8.24 and, on relative metrics and our DCF model, our 12-month target price by $7 to $78. /S. Glickman