MIND Upgrade

dan_s · Post by **dan_s** » Fri Jun 10, 2011 12:37 pm

Global Hunter Securities maintains a 'Buy' on Mitcham Industries (MIND); MIND-Blowing Quarter is Indicative of Future Growth

June 8, 2011 8:33 AM EDT

Global Hunter Securities maintains a 'Buy' on Mitcham Industries (NASDAQ: MIND), PT increased from $18 to $22.

Global analyst says, "MIND reported stellar fiscal Q1 2012 results, posting record revenues, EBITDA, and EPS, which came in at 58c versus our estimate and consensus of 34c. Strong seasonal demand in Canada, growth in Latin America, continued improvement in the U.S., and seasonal strength in Russia, albeit below normal levels due to the short winter, drove record leasing revenues. Due to the seasonal influences on MIND’s business, Q2 and Q3 will be down from Q1, although continued growth in Latin America and stability in the U.S. should counter some of the decline. We think fiscal 2012 will be a record year and fiscal 2013 should be even better as its asset base and footprint expand, capitalizing on what should be an increasing E&P capex spend for seismic services."