Ezion: following analyst brief yday, DMG raises TP to $1.02 from $0.94, keeps at Buy. Increases FY12E earnings by 4% to reflect $3-4m profit contribution from the Alaska rig, based on mgt guidance for 50-60% ROE on the investment.
TP upgrade comes despite house noting not all is positive; development of 2 marine supply bases in Exmouth Australia could be delayed by 3-6mths due to new design input from potential clients, and may result in revenue contribution being delayed to 1Q12 onwards.
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