Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Bristow Group target raised to $25 at Barclays — Financing extends liquidity runway, now needs cycle help to delever (18.32 -0.96)Barclays raises their BRS tgt to $25 from $20 based on 60% reported owned fleet FMV and 7x F2019 EBITDA for UK SAR but believe upside from here may be harder to come by as focus reverts back to fundamentals. While firm has to believe that BRS's near-death experience and CHC's bankruptcy will instill more pricing and contract term discipline in what is a relatively consolidated mission critical service, they worry that shorter, more range-bound O&G cycles will restrain NT offshore activity to tiebacks and stepouts to existing production facilities, limiting new facility additions and thus helicopter demand growth. Beyond cyclical headwinds, <strong>firm believes there has been structural demand destruction this downturn following aggressive steps by int'l oil companies (IOCs) to optimize work-forces and crew rotation schedules.</strong> What would make them more positive is if BRS can continue to demonstrate share gains from CHC Group, which is set to soon emerge from Ch. 11, and if helicopters held by lessors effectively are removed from the market as shadow capacity, accelerating a supply /demand rebalancing.</td> </tr></table>"