SINGAPORE, Nov 28 (Reuters) - Shares of Mermaid Maritime soared as much as 13.1 percent to S$1.81 after Macquarie Research initiated coverage of the stock with an "outperform" rating an a target price of S$3.00.
Macquarie Research said in a client note that it expects robust earnings for the oil rig firm because sustained high oil prices would keep demand for oil services high.
"The combination of strong earnings growth, improving balance sheet, attractive valuation and significant upside makes Mermaid one of our top picks in Singapore," said Macquarie Research analyst Ashwin Sanketh.
0234 GMT- Straits Times Index down 0.15 percent.
(Reporting by Melanie Lee, editing by Sebastian Tong)
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