Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Lazlo Pierce who wrote (8445)	1/16/1998 11:44:00 AM
From: Teddy	Read Replies (1) of 95453

Lehman Bros. Ups Global Marine To Buy From Outperform NEW YORK (Dow Jones)--Lehman Brothers Inc. analyst Paul Chambers upgraded his rating on Global Marine Inc. (GLM) to buy from outperform. The analyst raised his 1998 earnings estimate to $2.05 a share from $2, and set a 1999 earnings estimate of $2.55 a share. The offshore driller Thursday reported fourth-quarter earnings of 49 cents per diluted share, up from 24 cents a year earlier, and two cents above analysts' estimates. Chambers said the company's post-earnings conference call was very positive and its recent contract awards increased his confidence in its growth prospects. Chambers said that at current levels, Global's stock is trading at just 10 times projected 1998 earnings, making it cheaper than either the broader market or its peers. He set a 12-month price target on the stock of 32, which assumes it will trade at 15 times earnings.

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