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Obbligazioni societarieHIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
Bristow downgraded at Cowen on reduced cash flow outlook
May 26, 2017 1:41 PM ET|About: Bristow Group Inc. (BRS)|By: Carl Surran, SA News Editor
Bristow (BRS -2.5%) is downgraded to Market Perform from Outperform with a $7 price target, whacked in half from a previous $14, at Cowen, which anticipates continued cash consumption that will be needed absent a meaningful recovery in offshore drilling.
Cowen models a significant reduction to cash flow estimates, which now have BRS consuming cash through FY 2020, with the company needing to successfully defer capex and refinance or obtain new financing to support liquidity in 2020.
The BRS share price already has been cut nearly in half since reporting a larger than expected FQ4 loss.