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Atwood Oceanics (ATW) Stock Climbs, Deutsche Bank Raises Price Target

NEW YORK (TheStreet) -- Shares of Atwood Oceanics (ATW) were advancing 6.42% to $10.44 late Wednesday morning as Deutsche Bank raises its price target on the stock to $15 from $11, maintaining its "hold" rating.

Deutsche Bank cited increased long-term dayrates and utilization assumptions for a high-spec fleet as reasons for the price target increase.

"Despite the upside, we maintain our hold rating as we see global offshore rig utilization and dayrates falling in the near term," the firm added.

Deutsche Bank said that Atwood's healthy balance...