Markets & Finance

Lehman Upgrades Cooper Cameron to 'Overweight'


Lehman Brothers upgraded Cooper Cameron (CAM) to overweight from underweight.

Analyst James Crandell says the salesforce upgrade reflects the start of what he thinks will be a strong upturn in subsea orders and shipments over at least the next two to three years; also, the company's exposure to an upturn in domestic natural gas drilling.

Crandall expects the company to book some 50 subsea trees in the third quarter totaling about $250 million, largely from West Africa and Eastern Canada; further significant subsea orders appear likely in the fourth quarter, in 2003. Crandall sees an order backlog nearing $900 million by the end of 2002 vs. $637 million on June 30. He believes the company should also benefit from an upturn in domestic natural gas E&P spending that he expects in 2003 and 2004.


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