Ezra: Deutsche downgrades to Hold from Buy, cuts TP to $1.90 from $2.80 after lowering FY11-12 earnings estimates by 35%-24% to account for vessel delays & integration of Aker Marine Contractors, which it recently proposed to buy for US$250 million….
Note that delay in delivery of several vessels will affect profitability of offshore oil & gas support Co. Add that while Aker Marine will enhance Ezra's sub-sea capability, grp may have its hands full trying to turn AMC profitable. Say that 2H11 may better time to revisit stock to get better clarity.
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