Offshore Logistics "neutral," target price reduced

01/06/04 - Robert W. Baird

NEW YORK, January 6 (New Ratings) – Analysts at Robert W Baird reiterate their “neutral” rating on Offshore Logistics Inc (OLG). The target price has been reduced from $27 to $25.

In a research note published this morning, the analysts mention that the company has pre-announced lower-than-expected Q3 EPS, due to weaker performance at its North Sea operations. Disappointing results for some contracts in Nigeria, along with foreign exchange transaction losses, are likely to negatively impact Offshore Logistics’ Q3 performance, the analysts add.