Vantage Drilling (NYSE:VTG) Estimated NAV Raised by FBR

FBR raised their estimated NAV on Vantage Drilling (NYSE:VTG) based on recent jackup rig value inflation.

FBR said, "We are increasing our VTG price target to $2.40 from $2.30 as recent jackup rig value inflation drove an increase in our estimated NAV for Vantage. We reiterate our rating as the improvement in the jackup market continues to play out and as the smooth start to Platinum Explorer operations de-risks the stock. That said, we are lowering our EPS estimates for Vantage to account for the termination of the management contracts for the SeaDragon semi-submersibles; we emphasize that this has no impact on our NAV as we previously excluded SeaDragon management fees from our calculation."

FBR Capital maintains an "Outperform" on Vantage Drilling Co., which closed Wednesday at $2.01, up $0.02, or 1.01 percent. FBR boosted their price target on Vantage from $2.30 to $2.40.