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Gold/Mining/Energy : ENERGY EXPLORATION & PRODUCTION

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From: Dennis Roth	4/4/2008 9:20:55 AM
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Hercules Offshore, Inc. - Goldman Sachs (HERO) 27.08 EPS (FY Dec) 2008E $1.52, 2009E $3.25 Neutral/Neutral Investment view We are launching coverage of Hercules Offshore with a Neutral rating. We see meaningful longer-term upside potential for Hercules' shares based on our bullish view of the US Gulf of Mexico jackup market. However, we are initiating with a Neutral rating primarily because we expect 1Q2008 EPS to be worse (-$0.05) than the already lowered street expectations for a break-even quarter. While we are 6% above consensus for 4Q2008 and 8% for 2009, we are concerned with near-term sentiment in the event of a near-term earnings disappointment and look to be more constructive on the shares once this is reflected in the stock price. === HERO: Initiated - JAGNote by Goldman Sachs 8:26 AM EDT April 4, 2008 HERO: Initiated - The firm initiated coverage of the shares with a Neutral rating and price target of $32. JAG Media

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