In a new report, Deutsche Bank analyst Mike Urban has upgraded Hercules Offshore from Sell to Hold based on the completion of the company’s bankruptcy restructuring. Despite the upgrade, Deutsche Bank remains cautious on the stock.

A Stronger Company

Assuming a 20 million share count for Hercules, Deutsche Bank has set its new price target at $7. The bankruptcy unloaded all of the company’s prior debt, and the new company now has access to a $450 million senior secured credit facility and $130 million of cash on hand.

A Challenging Market

Even with a fresh start, Hercules still faces…

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