Raymond James target and rating cut.... On the 17th, Raymond James reduced their target from
.80 to
.45 as a result of the loss of the four rig contracts (2 for Parex and the 2 from HRT) as well as the underperformance to their and consensus estimates and the application of a lower target multiple resulting from the increased financial risk resulting from the lower EBITDA estimates. Bank of montreal eliminated their target all together.